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Bank & Quotation Section
Railway Earnings Section
VOL. 115.
ront k.
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 30, 1922
Electric Railway Sectiot
State and City Section
NO. 2988
loadings in the week ending on the 16th went beyond
those of any week since last October.
PUBLISHED WEEKLY
The coal trouble proceeds towards a supply for the
Terms of Subscription—Payable in Advance
For One Year
winter
which will probably be more ample than has
00
$10
For Six Months
6 00
European Subscription (including postage)
13 50 been feared. One strange incident which illustrates
European Subscription six months (including postage)
7 75
Canadian Subscription (including postage)
11 50 the inversion produced in the union Mind by long
NOTICE—On account of the fluctuations in the rates of exchange.
remittances for European subscriptions and advertisements must be made drilling in inverted doctrines was the appearance
in New York Funds.
here of a committee from the anthracite miners of
Subscription includes following Supplements—
BANK AND QUOTATION (monthly) 1 RAILWAY& INDusTatAL(seml-annually) Pennsylvania before the Board of Estimate, to ask
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually)
BANKERS.CONVENTION (yearly)
that the coal mined by a certain concern for use by
Terms of Advertising
the subway "be mined under fair conditions of labor
Transient display matter per agate line
45 cents
Contract and Card rates
On request and that pressure be brought to bear on the company
CHICAGO Orrice-19 South La Salle Street, Telephone State 5594.
to meet its employees in conference." The company
LONDON OFFICE—Edwards & Smith. 1 Drapers' Gardens. E. C.
replies that it is ready to dig coal but cannot do it,
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
because the men have for five weeks refused to sign
an
agreement or to even meet and discuss one, yet
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President, Jacob Seibert; Business Manager, William D. Riggs; Secretary, Herbert that the company, with a record of
more than 25
D.Seibert; Treasurer, William Dana Seibert. Addressee of all, Office of Company.
years of paying the very highest wages going, will
promptly arrange a conference if the men desire. The
CLEARING HOUSE RETURN&
little sheet posted in the subway cars tells the public
Returns of Bank Clearings heretofore given (what hardly needs to be told) that the strike has
on this page now appear in a subsequent part increased the fuel bills, and it appears that the coal
of this paper. They will be found to-day on pages operating concern has been unable to fulfill its con1500 and 1501. •
traet with the subway because it has been "unfair"
(according to union notions) by refusing to acquiesce in all the men's demands. So the men argue
THE FINANCIAL SITUATION.
with themselves that this city is a "partner" in the
The aftermath of the shoperafts strike continues subways and therefore should and possibly will force
-to furnish proof of the utter folly of the attempt. It the coal, concern and the svbway also to get its coal
is, moreover, evident that the.strike was virtually a on the miners' own, terms. , That the increased cost
failure as early as its second week, being held going of fuel must fall on the public would be pronounced
since only by the obstinacy of the leaders who had by the miners to be aliunde, if.they were acquainted
precipitated it and by their desire to save themselves with that Latin 'thrill."
as far as possible. On Monday, the head of the. New
It is useless; becaUsie •iii4possible, to figure the
Haven road told them that his company would not losses by the shoperaf,ts walkout, direct and indirect.
even consider accepting the so-called Baltimore set- The men received placidly and cheerfully all actiions
tlement and was determined to give full and just of the Labor Board which seemed in their favor, but
protection to all its new men and to those who re- revolted as soon as one came that did not please them.
mained loyal to it. The Vice-President of the Big They have gained nothing whatever, having lost time,
Four announces that the participants in the walk- having now to go back at the wage scale from which
out will be gradually taken back during the next 30 they rebelled, with no better opportunity for re-hear(lays, but in rank or seniority will come after the new ing and a possible revision than they had already;
men and the loyal old; also, that any threats or in- they held out longest upon seniority, and have not
timidation by any employee, new or qld, will abso- won even upon that, since the working of the settlelutely be responded to by prompt and permanent ment yielded by the smaller group of roads is yet to
discharge of the offender. The Eastern Conference prove itself and is not certain to do them any good.
of Railway Executives reports that the roads in it We must regret that settlement, as a wavering which
have had an unbroken weekly gain in their shop seemed needless in face of the evident ending of the
forces in the nine weeks ending on the 22nd and the walkout by a steady and accelerating depletion; yet
ratio on that date was 90% of normal. The New there is some compensation in the fact that there is a
York Central reports that the car loadings on its distinct advance towards direct private settlement
lines in the first half of this month were 31.02% more of industrial disputes and also that the only ground
than in the like time of 1921; as to all roads, the for a permanent industrial peace is brought nearer.
gite Thronicit
1460
THE CHRONICLE
[vol. 115.
Like every other step in human progress, it must be and possession of Constantinople, with the Straits
paid for, and the innocent must do the bulk of the placed under the guardianship of the League of Nations. Thus tearing up the Treaty of Sevres, writpaying.
ten alter Turkey had been conquered by the Allies,
The Turkish situation again has been the all-ob- the Allies invite Turkey, victorious over Greece, to
sorbing question the present week in foreign affairs, come to the conference and help make a new treaty
and has reached a critical stage, while sensational on these lines. The French are assured privately
and unexpected developments have grown out of it. that Kemal will accept these terms and so the war
They have included the abdication of King Constan- clouds which have been hanging over the Near East
tine of Greece and the placing of his son, Prince are almost swept away. It is thought that only unGeorge, on the throne; the reported abdication of authorized acts by the Turkish forces against the
Mohammed VI, Sultan of Turkey,in favor of the heir English in Chanak can now bring about war." The
apparent, Prince Abdul Medjid; the request of Gen- tenor and phraseology of the entire note were strikeral Harington, British Commander in the Near ingly different from numerous other communications
East, for a conference with Mustapha Kemal for a relative to Turkey issued by the British and their
plan of settlement, and the rushing of British mili- Allies since the defeat of the Turks by the Allies.
tary and naval forces, and likewise of 12 American The editorial comment in the press has been generdestroyers to the scene of the trouble. In an Associ- ally adverse. In brief, the prevailing idea in this
ated Press dispatch from London last evening it was country appears to be that the Allies had granted the
asserted that "the British Government has sent a Turks pretty well all they demanded and that the
practical ultimatum to Mustapha Kemal Pasha stat- proposal to put the maintenance of the freedom of
ing that his troops must leave the Chanak zone." the Dardanelles in the hands of the League of NaFormer Premier Venizelos of Greece received the tions was not practicable and could not be made effollowing telegram in Paris yesterday: "The revo- fective, so long as that body cannot exercise more
lutionary committee expresses its entire confidence real power than it has had so far. It is a curious
in you in charging you with the defense of the na- commentary on the proposition that only the day betional cause and solicits your immediate co-opera- fore the terms were agreed upon in Paris,"the polittion." The situation in Athens was outlined last ical committee of the Assembly of the League of Naevening in part as follows by the Associated Press: tions [at Geneva] was practically unanimous in
"A triumvirate, an executive committee composed of agreeing that it would be impossible for the League
Colonels Gonatas and Plastiras for the army and to intervene in the negotiations for peace in the Near
Captain Phokas for the navy, is in actual direction East while the Powers interested were working for
of the new regime. Crown Prince George has taken such peace."
the oath as King,and pending the formation of a new
Word came from Constantinople Monday that
Ministry Greece is being governed by 12 officers repAllied High Commissioners to-day [Sunday]
"the
resenting the army and navy. The Nationalist moveto Hamid Bey,the Nationalist representapresented
ment, as it is called, is absolutely non-partisan, acAllied
invitation to a peace conference for
the
tive,
an
to
comcording
announcement by the executive
mittee. It is probable that a military Cabinet will transmission to Smyrna." It was explained that
be formed, but the revolutionary committee will con- "the invitation has already gone directly to Kemal
tinue its surveillance of this provisional Government Pasha by cable." The correspondent said that "it is
until elections can be held and the organization ef- believed that the Kemalist Cabinet Council at Smyrfected of a permanent Government founded on the na will accept the invitation on condition that the
wishes of the people. General elections will probably evacuation of Thrace by the Greeks begins immedibe proclaimed next week. The Greek army in Thrace ately and is not followed by occupation by Allied
troops, and also that the return of Thrace to the
has definitely joined the revolution."
In the Paris dispatches a week ago this morning it Turks should be an absolutely settled fact in advance
was pretty clearly indicated that the Allied represen- of the conference." He further outlined that the attatives in conference in that city practically had de- titude of the Turkish Government, according to his
in part as follows: "It is undercided to yield to many of the demands of Mustapha understanding, is
Cabinet
the
rejects any proposal that the
that
stood
Kemal Pasha. In fact, the correspondent of the New
Nations
have
of
League
control of Thrace, on the
that
cabled
"representatives of the
York "Herald"
a
is
it
that
ground
country, and that
Mohammedan
to-day
[Sept.
here
22]
virtually
council
Allies in
a
not
is
of
member
The Kemalthe
Turkey
League.
peace
terms,
on
granting
many
principle
agreed in
demilitarifurther
hold
that
there
no
be
ists
should
-of the Turkish Nationalists' demands, which will be
and that
shores
the
of
on
Marmora,
the
of
zation
Sea
proposed to Mustapha Kemal as a preliminary to a
the
of
for subfuture
Straits
reserved
should
be
the
general peace conference. Thus the issue of peace
Great
discussion
of
sequent
among
representatives
or war in Europe and the Near East still rests in the
Buland
France,
Italy,
Rumania
Britain,
Russia,
victorious
Nationalists.
bands of the leader of the
of
importance
Cabinet
lays
The
the
on
stress
garia.
cable
this
dispatch
after
was filed
Within 24 hours
invitation to the conference to Bulgaria,
an
sending
transmission
to
for
New
York,
capital
in the French
is in vital need of an outlet to the Aegean Sea
the three Allied representatives had decided upon a which
Thrace."
through
note to the Angora Government, and it was on its
the French position, the New York
reflecting
As
way to Mustapha Kemal Pasha, the leader of the vicnight that "Paris hopes for
Sunday
cabled
"Times"
torious military movement against the Greeks. The
of the Allied terms by
Pasha
Kemal
by
acceptance
in
representative
Paris tersely
New York "Times"
the
If
week.
Turkish leader wishes
this
of
middle
the
as
note
and
follows:
"The
summarized the situation
his
making
decision,
the Quai d'Orbefore
reflect
to
France
and
England,
Italy
derepresentatives of
Henry Franklin-Bouillon, who will
on
counts
say
should
have
Truks
full
sway
the
that
cided to-night
on Friday, to persuade him to agree
over Anatolia and Thrace up to the Maritza River arrive in Smyrna
SEPT. 30 1922.]
THE CHRONICLE
1461
to the convoking of the peace conference in the early are preparing to depart on Wednesday. A headquarpart of October on the very favorable terms laid ters staff will accompany these units, and upon ardown by the Allies in last night's note. This, sent rival in the Straits they will be brigaded with the
both by cable and wireless, should be in the hands of Grenadier Guards, who are en route. A flotilla of
the Turks to-day. M. Franklin-Bouillon, who nego- submarines has left Portsmouth, presumably for the
tiated the French treaty with the Angora Govern- Mediterranean. In the Portsmouth area all service
ment last year, leaves Paris to-night and will sail men were withdrawn from reserve on board ships
from Toulon on the French cruiser Metz to-morrow and in shore establishments in order to make up the
Morning. A telegram was received yesterday from special service unit that left Saturday and Sunday.
Kemal Pasha agreeing to discuss the situation with There is renewed activity at Woolwich, where 100
the French envoy, and Premier Poincare last night men are engaged at the dockyard arsenal in handling
sent a message to Kemal urging him to take no action stores. Four transports on the way to India have
endangering the peace of Asia Minor before M. been diverted at Malta and are proceeding to Chanak.
Franklin-Bouillon's arrival."
.Two flotillas of destroyers, the Malaya and the Revenge, already have been sent to the Dardanelles
In an Associated Press dispatch from Athens a from the Atlantic fleet to join the Mediterranean
week ago this morning there appeared a statement fleet, which consists of five capital ships, six light
made by the Greek Foreign office to the representa- cruisers, 21 destroyers and other smaller craft. The
tive of that news agency in the Greek capital, in airplane carrier Argus, belonging to the Atlantic
which it was asserted that "we have lost Asia Minor, fleet, has left for the Mediterranean with a
large
but we must keep Thrace." "Our army in Asia Mi- quantity of stores. Seaplanes, equipment and air
nor, which had been fighting for ten years, was ab- force personnel have been despatched from England.
solutely exhausted, but the Greek nation will never The War Office staff is so busy it was forced to
give
permit the Turks to invade Thrace, which we con- up golf yesterday. The members stuck to their
jobs
sider home territory." The reports from Constanti- to keep the machinery moving for the transport
and
nople, London and Paris on Tuesday morning were reception of troops, and the army is being
combed
disturbing again. It was stated that the Angora for officers who have had experience in the
Near
Government had announced officially that "two East."
Kemalist cavalry divisions, totaling 3,000 men, have
occupied Eren-Keui." This is a town ten miles south
In a news agency dispatch from Athens received
of the British position at Chanak. This movement in London Monday it was stated that "the
Athens
of troops represented a fresh step upon the part of Government apparently has decided in principle
to
the Turks to invade neutral territory. The Con- use the diplomatic services of Venizelos in an
effort
stantinople dispatches also stated that "Hamid Bey, to retain Eastern
Thrace." The dispatch added that
the Kemalist representative here, declares that the "it is generally believed Venizelos will not
refuse
Angora Government will reject the Allied terms. He thus to serve the country if
the collaboration of the
insists that the Turks will demand all of eastern present Government is rendered possible." The
AthThrace and will refuse demilitarization of the ens correspondent of the Chicago "Tribune"
asserted
Straits." In the same advices it was likewise made that "the Allied decision
to deprive Greece of Eastknown that"the Allied High Commissioners met this ern Thrace has caused
great consternation in Athens.
afternoon and discussed the violation by the Turks The press urges a
fight to the finish and requests the
of the neutral zone. The French Commissioner tele- Government to reorganize the army in
Thrace
graphed Mustapha Kemal Pasha urging the immedi- promptly, pointing
out the danger of the loss of Adate withdrawal of his troops."
rianople, which would threaten Western Thrace."
He added that "the appeal for Venizelos was made
A meeting of the British Cabinet Council was held by Minister of
National Economy Maneas, who proin London on Monday to discuss the latest develop- posed asking the
former Premier and his friends to
ments in the Turkish situation, and particularly "for rally to the aid
of Greece in any form they desired.
the purpose of allowing Lord Curzon to give a de- The other Ministers
objected, saying Venizelos surely
tailed account of the Paris discussions." The New would make
unacceptable conditions, principally the
York "Times" correspondent added that "the Prime abdication of King Constantine. According
to the
"
Minister congratulated him [Lord Curzon] on be- "Tribune" dispatch,
"the Cabinet finally decided to
half of the Cabinet on the result of his mission. No appeal to Venizelos to return to Greece to help guide
further meeting of the Cabinet has been called, and the Government or to
act as Minister Extraordinary
Mr. Lloyd George has returned to the country. At in Europe. Foreign Minister Harilos was asked
to
present it is not thought that the Venice conference leave for Paris with the official invitation."
In a
is likely to necessitate the attendance of the Prime cablegram from Constantinople Tuesday evening,
Minister." Apparently, in spite of their optimism, the assertion was made that as "ex-Premier Venizethe British authorities were not taking any chances. los does not recognize either King Constantine or the
The New York "Herald" correspondent gave the fol- existing regime, the Greek Government cannot ask
lowing rapid fire account of the unusual activities for the collaboration of Venizelos in the present
of the military and naval forces, seemingly altogether grave hour, Premier Triantafillakos declares, negaon account of the aggressiveness of the Turks: "Not- tiving reports in the press here that he was considerwithstanding the improved prospect in the Near East ing the inclusion of Venizelos in a new national Minand Lord Curzon's message from Paris that 'peace is istry representing all parties."
almost assured,' military and naval movements toward the Dardanelles are proceeding at top speed.
The Associated Press correspondent at ConstantiAldershot is bustling with activity as the Third Bat- nople cabled Monday evening that "no word of reply
talion of the Coldstream Guards and a battalion has been received from Mustapha Kemal to the Allied
each of the Royal Fusileers and the Rifle Brigade note containing terms for a settlement of the
Thra-
1462
THE CHRONICLE
[vols. 115.
clan and Dardanelles issues." He said also that "it eign Office." According to one news agency disis reported that the Sultan's Cabinet will resign to- patch from Athens, "the King signed an abdication
morrow [Tuesday], and it is also said that the Grand decree without reservation." He gave way in favor
vizier has notifed the Kemalist Government that the of his oldest son, Crown Prince George,"who almost
Constantinople Government does not desire to em- became King in 1920, at the time of his father's recall
barrass Angora, and that therefore the Cabinet is to the throne." In a telegraphic message from Conpreparing to resign. In this case it is expected that stantinople it was said that "it was reported that
Kemal will send a Governor-General to Constanti- the revolutionary army is marching on Athens."
nople." Continuing his outline of the situation, the
Wednesday afternoon, shortly before the expiraAssociated Press representative said: -The Porte tion of the 48-hour limit that he had set, General
has organized a force of 10,000 to take over the ad- Harington received a reply from Mustapha Kemal
ministration of Thrace and is sending them there in that he and his followers "would respect the neutralmotor trucks. The volunteer army has occupied all ity of the Straits of the Dardanelles pending an armrail heads and road junctions in Turkish Thrace. The istice conference to be participated in by British and
Allies are expected to allow the transport of a small Kemalist generals." The Associated Press correforce of Kemalists from Asia Minor to the European spondent added that "the declaration relieves the
side by way of Midia."
situation, which even the British had admitted was
Tuesday evening the Constantinople advices con- critical." He also said that "General Harington
tained seemingly reassuring reports again. The As- replied to Kemal Pasha thanking him for the declarasociated Press correspondent at that centre cabled tion that he would respect the neutrality of the
that "the reply of the Turkish Nationalist Govern- Straits and that he wished to avoid a conflict. The
ment to the Allied peace note has been completed and British commander added that the destruction of
comprises acceptance of the conditions laid down at which Kemal complained was prompted by military
the Paris Conference, according to Essed Bey, aide- necessity and declared that no shot had been fired
de-camp to Mustapha Kemal Pasha, who has arrived against the Turks in anger, nor would be, except unhere from Smyrna," He admitted that "the Nation- der his orders. He concluded by expressing readialists, however, insist upon their right to conduct ness to meet Kemal at any convenient place to dismilitary movements during the progress of the con- cuss an understanding." The correspondent further
ference and also demand admission to the meeting of reported that "in a message to Kemal Pasha at Smyrall the Allies of the Angora Government, including na, General Harington urged an early meeting of
Russia,Persia and Bulgaria." In another cablegram the British and Kemalist generals at Iludania or Isfrom that correspondent the same evening it was mid as the most effective way of reaching an amicable
stated that "General Harington, the British com- understanding in the present difficult situation cremander-in-chief here, sent an ultimatum to-day to ated by the Kemalist advance in the Dardanelles."
Mustapha Kemal at Smyrna by wireless, giving him In a cablegram from Constantinople Thursday morn48 hours from the receipt of the telegram to withdraw ing the New York "Herald" correspondent said "Mushis forces from Kum Kaleh (Kum Kalesi) at the en- tapha Kemal Pasha will accept the Allied note invittrance to the Dardanelles." The cable messages ing him to attend a conference to discuss peace in
Wednesday morning corroborated both of these an- the Near East. This statement was made to me by
nouncements, but contained nothing additional re- Hamid Bey, Kemal's representative here. Hamid
garding the question of acceptance. The attitude of Bey said he had just received a message from Kemal
the Turks was represented as being still more "belli- stating clearly that he was prepared to agree to the
cose," and it was asserted that they "refuse to recog- proposed conference."
nize the neutral zone and declare they will hold their
present positions."
Through an Associated Press cablegram from Athens Thursday evening, it became known here that a
London received a report Tuesday evening through so-called "Provisional Revolutionary Committee"
a Central News dispatch from Athens, that "King had been formed to deal with the situation in Greece
Constantine has abdicated in favor of Crown Prince and would assume power with the least possible deGeorge." In a series of Associated Press cablegrams lay." The committee issued a proclamation in which
from the same centre an alarming situation was por- it was asserted that "until now it has been relying
trayed. It was reported that "a crisis is rapidly de- for the maintenance of order and the protection of
veloping. The King has proclaimed military law. all citizens without exception upon the patriotism of
The Ministry has resigned. Eight thousand troops the Hellenes and the ardent desire of the people for
at Saloniki have revolted, insisting on a change in reconciliation and bridging over the chasm—a desire
the Government. Parts of the army in the Aegean the revolutionary party espouses. Disturbers of orIslands also have revolted. They demand that the der, to whatever political party they belong, will be
King abdicate." The London correspondent of the punished in accordance with revolutionary justice."
New York "Times" cabled that "great anxiety still Crown Prince George was sworn in as King Wednesprevails as to the situation in the Near East, and it day afternoon (Sept. 27) and assumed the name of
is recognized that a crisis may be precipitated at any George II. Paris heard through a telegram to the
moment by a single ill-advised act of some irrespon- Greek legation on Thursday that "a provisional Govsible person. Renewed penetration of the neutral ernment, consisting of 12 officers will rule Greece
zone at Chanak by Turkish cavalry in twice the until a civil Government is established."
In an Associated Press dispatch from Constantistrength of the first set of invaders has greatly
strained the situation, but Sir Charles Harington nople yesterday morning the situation between the
is moving with great caution." In a London cable- Turks and British forces was outlined as follows:
gram Wednesday evening announcement was made "The Turks have occupied the entire neutral zone on
that "at 8.06 p. m. confirmation of King Constan- the Asiatic side of the Dardanelles, with the exceptine's abdication was received by the British For- tion of the Chanak area, around which they have es-
SEPT. 30 1922.]
THE CHRONICLE
tablished infantry units in a semi-circle, virtually investing the British lines. The Turkish cavalry squadrons are retiring, and the British troops, who are in
strong force at Chanak, are ready for what may happen. In these circumstances General Harington,
the British commander-in-chief, has sent a wireless
message to Kemal Pasha at Smyrna asking for an immediate personal meeting. He leaves the choice of
place to Kemal, whose reply is expected momentarily22 Through a news agency dispatch Paris heard
on Thursday that "Mohammed VI., Sultan of Turkey, has abdicated in favor of the heir apparent,
Prince Abdul Medjid." At the time the message was
filed in Constantinople the correspondent said official announcement of the abdication had not been
made. It was noted that "Prince Abdul Medjid, who
is a cousin of the Sultan, was born in 1868." In
Washington on Thursday "Secretary Denby made
public the names of the 12 destroyers which have
been ordered to proceed from Hampton Roads to
Constantinople, where they will report to Rear Admiral Mark L. Bristol, American High Commissioner. The destroyers, which are now being fitted
out at Hampton Roads, will sail as soon as possible.
They will be commanded by Captain C. M.
Toser."
•
In the critical situation created by the Turkish advance, the discussions at the Assembly meeting of the
League of Nations have been tame affairs, especially
as it is becoming more and more evident with each
succeeding day that the League is entirely subordinate to the wishes and desires of Great Britain and
France. At a meeting of the Assembly in Geneva a
week ago this morning,"Canada urged a resolution
altering Article X." The Associated Press correspondent cabled, however, that "the question of revising Article X of the League of Nations covenant, or
eliminating it altogether, was passed on to the
Fourth Assembly by the present Assembly to-day,
without other observation or recommendation than
that the subject be considered in all its bearings." It
seems that at least some of the Canadian delegates
thought the article should be revised because of the
vagueness of its meaning,if for no other reason. The
French delegate, M. Barthelmy, commenting upon
the Canadian proposal for revision, said that "having examined the legal aspects of the matter, it
seemed to him personally that Canada's proposal
was inspired by the very lofty motive of attracting
the United States to the League." W. S. Fielding,
Chairman of the Canadian delegation, "said that the
Canadian attitude on Article X was not inspired by
the desire to facilitate the entry of the United States
into the League. He declared that the Canadian
Parliament had taken this position before it was
known that the American Congress would oppose the
ratification of the covenant. The objection to it was
based on the article's vagueness. Ambiguous texts
are as pernicious as secret treaties," he asserted.
At Monday's session of the League of Nations Assembly Lord Balfour stated that his Government had
received information which indicated a serious food
situation in Asia Minor. In making a stirring appeal for funds with which to relieve it, he said: "I
am quite sure I shall have all your sympathy in this
matter, and I may say my Government is prepared,if
other Governments will collectively produce a similar amount, to give without delay £50,000 for this
1463
humanitarian object." The New York "Times" correspondent said also that "having explained that Dr.
Nausen's relief machinery would be used in order to
distribute food and transportation for the refugees,
Lord Balfour made a second appeal—this time not
collectively, but to one particular country, namely
Persia." Commenting upon this incident he added
that "it was strangely moving to hear a great statesTan of a great Power plead with a little country in a
humanitarian cause, and the whole Assembly was
most deeply impressed by the incident, which, it was
commented, goes further perhaps than any other toward showing that the League of Nations to-day signified something more than a mere empty term and
has really strengthened the solidarity of peoples."
Addressing Prince Mivza Arfa-Ed-Dowleh, and having recalled that Persia was the only Moslem Power
that was a member of the League of Nations, he spoke
as follows: "The delegates of Persia have shown a
most earnest desire in all our debates to promote the
cause of humanity. They may have the means of
communicating to other Moslem Powers the general
sense of the Assembly of the League; and I venture
to appeal to them to do everything they consider wise
and expedient for furthering a cause with which, I
am confident, they have the strongest and most ardent sympathy." It was related that "the Persian
delegate, with great emotion, thanked Lord Balfour
for his words of confidence and esteem, and said if
the League desired, Persia would make use of the excellent relations she had maintained with Turkey
and act as intermediary with a view of facilitating a
great humanitarian effort to protect human lives
threatened by hunger, disease and calamities of every
description." Dr. Nansen thereupon observed that
"the first thing was to get the people from Smyrna,
and, if necessary, take them to some Greek island.
He had already communicated with the Bulgarians,
who could rapidly supply food wherewith to feed
200,000 for 14 days, which would give time to make
further arrangements."
Disarmament was the principal topic considered
at Tuesday's session of the Assembly. The New
York "Times" correspondent said that "the occasion
was memorable because it marked the end for this
year of the League's work in that connection, the
resolution proposed by the Disarmament Committee
being passed after the report submitted by Lord Robert Cecil had been amplified by a luminous speech,
wherein the South African delegates explained that
the League, although not possessing executive powers enabling it to enforce its decisions, had, nevertheless, performed a great task and achieved a great result by preparing the way for the future. The resolution was that which embodied M. de Jouvenel's
tlesis that all disarmament was impossible until the
international distrust caused by economic chaos had
been removed and uncertainty ended regarding the
restoration of the devastated regions and settlement
of the inter-Allied debts."
The Associated Press correspondent at Geneva cabled last evening that "the report of the Finance
Committee, presented to the Assembly of the League
of Nations this morning, draws attention to 'the precarious financial situation of the League.' Five million gold francs are still due from members for 1921,
and only half the assessments for this year have been
paid. The secretariat was asked to press the members to pay. Some of the delinquents, including
1464
THE CHRONICLE
[You 116.
at Venice "will be a continuCentral American countries, contest the fairness of the proposed gathering
ation of the negotiations and the conference which
the assessments."
resulted in the Treaty of Sevres. The participants
e are Powers which concluded
Practically ever since the Turco-Greek situation to the new conferenc
further declared. On this
was
it
treaty,
latter
became acute, European cable advices have contained the
ble, it is declared in Forinadmissi
is
Russia
ground
reports that the Soviet Government in Russia was
to the control of the
regard
In
quarters.
Office
eign
of
trying to get into it. The Berlin correspondent
the League of Nato
confided
be
will
they
Straits,
Tuesday
a
the New York "Tribune," in cablegram
for Russia to do
necessary
all that will be
morning, asserted that "Soviet Russia has taken the tions, and
to become civilbe
will
s
usefulnes
in their
first step toward the formation of a Russo-Asiatic to share
In an Assostated."
was
it
League,
the
join
entente which is to build a balance of power against ized and
y
Wednesda
London
from
cablegram
Press
the big and little ententes of Europe." He also said ciated
BritGreat
that
indicated
was
it
however,
evening,
that, "according to information reaching here todisposed to give in to the demands of the
day, the Moscow Government has addressed notes to ain was
as she had done a few days before to those
Russians,
of
Persia
tives
Mongolia,
the diplomatic representa
It was stated that "British official
Turks.
the
of
to
g
them
Moscow
requestin
and Afghanistan in
d Russian participation in
sound their Governments on a close union with Rus- circles to-day considere
e as probable. Previous
sia, the new coalition also to include Turkey and the Near East conferenc
were not likely to be
Russians
the
that
s
Buchara. Lenin's move, it is understood in Berlin. statement
by saying that the
away
explained
were
was made after consultation with the Angora Gov- admitted
, would probably
by
the
d
Kemalists
influence
French,
ernment, which gave full approval to the undertakunder such cirthat
and
presence
Russia's
demand
ing." Explaining the scheme still further, as he unthe British to
for
e
be
would
impossibl
it
es
cumstanc
said:
aim
s
dent
"Moscow'
derstood it, the correspon
object."
n
world
Mahometa
entire
against
the
is to combine
the European nations, with the purpose of forging
The New York "Tribune" representative at the
a new weapon to compel the admission of Russia to
statement in a
the settlement of the Dardanelles problem and to German capital made the interesting
that "both Soevening
paper
Sunday
his
to
dispatch
force Allied recognition of the Soviet republic after
ent—
Independ
the
and
he
Majority
parties—t
cialist
the establishment of new Turkish regime under Musthe
by
replaced
were
and
to-day
exist
to
ceased
in
n
Constantinople." He
tapha Kemal's dominatio
action
the
observed that "in German diplomatic circles it is be- United Social Democratic Party, due to
g this mornlieved that the plan had a good chance to succeed, the taken by a unity convention at Nurember
ns at
conventio
separate
only obstacle being the Soviet Government's contin- ing. This action followed
overwas
proposal
unity
the
at
which
,
ued feud with Enver Pasha, who is expected to re- Augsburg
greater
at
ng
Commenti
y
adopted."
whelmingl
turn to power in Turkey in consequence of the Kemalcorrespondent said: "The
ist victory." In an Associated Press dispatch from length on the event, the
several years and makes
Moscow Tuesday afternoon, announcement was made new harmony ends a feud of
in the Reichstag
appear
to
that "Soviet Russia, in a note addressed to Britain, it possible for Socialists
who will
members,
180
of
France, Italy, Greece, Rumania, Jugoslavia, Bul- with a solid delegation
Republithe
of
defense
the
in
bulwark
garia and Egypt, proposing an immediate conference form the chief
blow to
heavy
a
prove
will
also
It
t.
Parliamen
designed to find a solution of the Near East situa- can
Mosof
dream
the
ending
besides
ts,
Monarchis
tion, warns the European Powers against again ig- the
labor
onal
Internati
the
over
hegemony
obtain
to
noring the interests of those countries directly inter- cow
reactionaries and the Comested in the freedom of the Dardanelles." In the movement. Both the
of this, and they fought to
note the Soviet Government reiterated that "it would munists were conscious
reunion of the two powerful
refuse to recognize any decision unless it is a party the last to prevent the
Germany there are
to the agreement." The note, which was dispatched Socialist groups. Throughout
organizations
trades
within
by Acting Foreign Minister Karakhan, declares that now 11,000,000 workmen
one flag.
under
fighting
of
chance
the
"as none of the European Powers is taking proper who welcome
unanivirtually
was
n
the
conventio
of
action
steps to prevent developments which appear likely The
of diecoterie
small
a
by
only
fought
was
and
mous,
to draw the entire series of countries addressed into
labor
onal
internati
the
of
the
leaders
Among
hards.
nt
war, the Soviet Governme considers that only an
Sothe
of
reunion
immediate and powerful intervention can localize movement who to-day greeted the
Victor
York
New
the affair and possibly save Southeastern Europe cialists were Morris Hillquit, of
Social Revolutionfrom a new outbreak of bloodshed." The following Tchernoff, leader of the Russian
s in Engmovement
similar
of
leaders
and
specific assertions were also made in the communica- ary Party,
Denmark,
a,
Jugoslavi
vakia,
Czechoslo
Italy,
tion: "The Soviet Government considers that the land,
leaders declare that
basis of events in the Near East hinges on one ques- Austria and Hungary. All these
is the greatest
Socialists
German
the
of
reunion
the
for
the
on
Turkish people's
tion, which is recogniti
German revothe
since
right to the actual restoration of Turkish sovereignty political step taken in Europe
beginning
of a
the
marks
it
over the Turkish capital of Constantinople and the lution, asserting that
It
is
world.
the
also
over
all
reaction
Straits. The freedom of the Straits is necessary battle against
step
against
counter
the
effective
primarily to the Black Sea Powers, to Russia and hailed as a most
been
making
had
deswhich
m,
Bolshevis
her allied republics, and to Turkey. These coun- spread of
a foothold in Germany. The
tries embrace the greater part of the Black Sea perate attempts to gain
by a world congress, probfollowed
be
will
reunion
coast." In an Associated Press cablegram from Lonthe London, Amsterdam,
which
at
Hamburg,
in
ably
was
it
asserted that Great
don Wednesday morning
onal groups will form a
internati
other
and
Vienna
Russia's
demand, "to be inBritain would reject
which is regarded as
a
step
ion,
organizat
cluded in the proposed conference at Venice." Ac- new world
of
hope
making the Moscow
Lenin's
to
cording to the dispatch, the British will contend that a death blow
SEPT. 30 1922.]
TRE CHRONICLE
1465
Internationale the active centre of the labor move. to 36,602,902,000 francs, which contrasts with
ment."
37,129,458,260 francs on the corresponding date last
year and with 39,207,943,550 francs in 1920. Just
No change has been noted in official discount rates prior to the outbreak of war, in 1914, the amount
at leading European centres from 8% in Berlin; 532% was only 6,683,184,785 francs. Comparisons of the
in Madrid; 5% in France, Denmark and Norway; various items in this week's return with the state4% in Belgium and Sweden; 4% in Holland; ment of last week and corresponding dates in both
332% in Switzerland and 3% in London. In London 1921 and 1920 are as follows:
the -open market discount rates were a trifle easier,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
short bills being quoted at 2 5-16@2%% and three
Status as of
for Week.
Sept. 28 1922. Sept. 29 1921. Sept. 30 1920.
months' at 2%@2 11-16%, against 2 7-16@2%% Gold HoXings—Francs.
Francs.
Francs.
Prams,
France
Inc.
82,150 3,584,148,819 3,574,728,718 3,531.182,642
for both a week ago. Call money in London ad- In
Abroad
No change 1,948,367,056 1.948,367.056 1,948,387,156
vanced to 2%, against 1%% last week. Open
Total
Inc.
82,150 5,532,515,875 5,523,095.774 5,479,549,798
market discounts in Paris and Switzerland continue Silver
436,000
Inc.
287,197,495
277,328.503
258.305.961
Bills discounted_ _ _ _Inc.314,248,000 2,103,887,000 2,460,269,945 2,293.176,633
to be quoted at 4% and 131%, respectively.
Advances
The Bank of England in its statement for the
week ending Sept. 28 reported another gain in gold
amounting to £4,784. However, total reserve was
heavily reduced, viz., £972,000, as a result of an
expansion of £977,000 in note circulation. Furthermore, the proportion of reserve to liabilities declined
from 19.61% last week to 19.40%. This compares
with 18.61% a year ago and 11.07% in 1920. In
public deposits there was an additional gain of
£1,043,000, while "other" deposits were again
reduced, this time £4,703,000. The Bank temporary
loans to the Government were reduced £485,000,
while its loans on other securities decreased £2,208,000. The Bank's holdings of gold now stand at
£127,431,595, which compares with £128,414,367
in 1921 and £123,114,715 the year before. Total
reserve aggregates £23,413,000, as against £21,891,787 last year and £14,073,780 in 1920. Loans to the
public amount to £71,387,000. A year ago the total
was £80,494,440 and in 1920 £109,312,765, while
note circulation is £122,467,000, in comparison with
£124,972,580 and £127,490,935 one and two years
ago, respectively. No change has been made in the
minimum discount rate, which remains at 3%.
Clearings through the London banks for the week
were £610,352,000, as against £597,022,000 a week
ago and £585,196,000 last year. We append a statement of comparisons of the principal items of the
Bank of England's returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
Sept. 27.
Sept. 28.
Sept. 29.
O.1.
Oa.2.
Circulation
122,467,000
16,832,000
Public deposits
104,310,000
Other deposits
44,561,000
Govt. securities
71,387,000
Other securities..
Reserve notes & coin 23,413,000
Coin and bu11ion_127,431,595
Proportion of reserve
19.40%
to liabilities
3%
Bank rate
124,972,580
12,231,323
105,420,935
33,360,329
80,494,440
21,891,787
128,414.367
127,490,935
16,139,467
111,027,414
21,888,129
109,312,765
14,073,780
123,114,715
81,142,440
35,862,662
121,220,060
70,735,213
81,990,018
22,466,759
88,159,199
62,252,480
30,525,411
137,127,288
57,671,045
99,726,902
28,355,195
72,157,675
18.61%
534%
11.07%
7%
14.30%
5%
10.90%
5%
Dec.55,018,000 2,086,258,000 2,188,214,223 2.000,746.551
Note circulation Inc. 17,538,000 36,602,902,000 37,129,458,260 39,207,943,550
Treasury deposits Dec.21,062,000
19,725,000
35,024,955
55,918.055
General deposits Ine. 19,880,000 2,178,992,000 2,474,075,521 3,251,403,134
Changes of the same sensational character as
heretofore were shown by the statement of the
Imperial Bank of Germany, issued as of Sept. 23.
Foremost of these was another huge addition to note
circulation, which now stands at 290,093,400,000
marks, a gain for the week of 19,080,390,000 marks,
and comparing with 82,178,940,000 marks last year
and 59,263,661,000 marks in 1920. Discount and
Treasury bills expanded 13,956,437,000 marks; bills
of exchange and checks 7,665,217,000 marks, "other
assets" 3,607,024,000 marks, deposits 4,282,971,000
marks and "other liabilities" 1,165,247,000 marks.
Smaller changes included a decline of 260,340,000
marks in advances, a gain of 66,511,000 marks in
investments, and an increase in total coin and
bullion of 1,026,000 marks. Gold declined 2,000
marks. The German Bank's stock of gold is reported
at 1,004,858,000 marks. This compares with1,023,705,000 marks a year ago and 1,091,582,000 marks
the year before that.
An analysis of the Federal Reserve Bank statement, issued on Thursday afternoon, revealed but
little change for the week just past. Taken
as a whole the same general tendencies were noted;
that is, further gains in gold and still another,
though smaller, addition to bill holdings. For
the combined system gold reserves increased $15,000,000. Aggregate bill holdings are larger by
$14,000,000, while total earning assets ,record
an addition of $26,000,000. Federal Reserve notes
in actual circulation expanded $25,000,000, but
deposits showed a falling off of $13,000,000. In
the New York bank changes were along similar
lines. Gold holdings increased $7,000,000. Rediscounts of Government secured paper showed an
increase, as did bill purchases in the open market?
with the result that total bills on hand gained $10,000,000. Substantial increases were recorded in,
both deposits and earnings assets, but the volume
of Federal Reserve notes in circulation remained,
about stationary. Member banks reserve account
for the entire system registered an increase of $23,000,000, to $1,797,975,000, and $35,000,000, locally
to $690,325,000, locally. Very little change was
indicated in the ratio of reserve, that of the whole
system gaining .1%, to 78.4%, while for the New
York institution there was a decline of .7%,to 83.7%.
The Bank of France continues to report small gains
in its gold item, the increase this week being 82,150
francs. The Bank's gold holdings are thus brought
up to 5,532,515,875 francs, comparing with 5,523,095,774 francs at this time last year and with 5,479,549,798 francs the year previous; of the foregoing
amounts 1,948,367,056 francs were held abroad in
both 1922 and 1921 and 1,948,367,156 francs in 1920.
During the week silver gained 436,000 francs, bills
discounted rose 314,248,000 francs, and general deposits were augmented by 19,880,000 francs. On
the other hand, advances fell off 55,018,000 francs,
while Treasury deposits were reduced 21,062,000
francs. Note circulation registered an expansion of
Last Saturday's statement of the New York
17,538,000 francs, bringing the total outstanding up Clearing House institutions again reflected the
1466
[Vol,. 115.
THE CHRONICLE
shifting of funds incidental to the withdrawal of
goods from bonded warehouses, heavy seasonal
demands from the interior and Government operations. Loans and discounts expanded $59,059,000.
Net demand deposits were drawn down $63,431,000
to $3,879,737,000. This total is exclusive of Gov1,937,000, a
ernment deposits amounting to
In
$17,462,000.
of
item
latter
the
contraction in
net time deposits there was an expansion of $2,842,000 to $454,626,000. Member banks drew
down their reserves at the Federal Reserve Bank
$69,248,000, which served to offset the decline
in deposits and resulted in a loss in excess reserves
of $60,804,610; thus reducing the total of excess
reserves to. $39,582,850, against $100,387,460 last
week. Other changes which were not especially
important, included a reduction of $1,130,000, in
cash in own vaults of members of the Reserve Bank
to $53,962,000 (not counted as reserve); an increase
of $131,000 in vault reserves of State banks and
trust companies and a gain of $191,000 in the reserves of these institutions kept in other depositories. The figures here given for surplus are on
the basis of reserve requirements of 13% for member
banks of the Federal Reserve System, but not including cash in vault to the amount of $53,962,000 held
by these banks on Saturday last.
renewals were negotiated at 43/2%, which was also
the maximum; the low declined to 4%. There
was no range on Wednesday, 43.% being the high,
the low and the renewal figure. Thursday firmness
again developed, and although call funds renewed
at 43%, the same as on the day previous (the minimum), a high level of 5% was touched shortly before the close. On Friday the high continued at
5%, but renewals were put through at an advance
1%, which was also the lowest figure.
of %, or 44
Preparations for the usual month-end payments
were held responsible for the stiffening of quotations.
The figures here given apply to both mixed collateral
and all-industrial loans alike. For fixed-date maturities very little change was noted. Offerings were
smaller, but as the inquiry was less active, trading
was quiet and the volume of transactions comparatively light. Quotations were not changed from
43% @
43/2 @ 4%% for sixty and ninety days and
5% for four, five and six months, the same as last
week.
Mercantile paper was moderately active with the
range 43 @ 43/2% for sixty and ninety days
endorsed bills receivable and six months' names
of choice character, unchanged. Names less well
known continue to require 432%. Country banks
are still the principal buyers, but as offerings were
restricted, trading assumed only moderate proportions.
Banks' and bankers' acceptances ruled quite and
3% in spot quotafirm, with another increase of /
tions. Dealings were not active, owing principally
to the flurry in the call market. Both local and
out-of-town institutions, however, were in the
market as buyers at times.
For call loans against bankers' acceptances the
posted rate is now 39%,against 4% last week. The
Acceptance Council makes the discount rates on
prime bankers' acceptances eligible for purchase by
4% bid and 332%
the Federal Reserve banks 35
days, 3%% bid and
150
for
running
bills
asked for
days, and 33/2% bid
120
running
bills
for
3%% asked
for 30 to 90 days.
running
bills
for
asked
3%%
and
Open market quotation follow:
The average Wall Street observer was about as
much confused the present week over the money
market at times as he was over the stock market.
The trend of quotations for call money was irregular.
As the week advanced the renewal rate declined,
reacting to 43%. There was an advance from that
level to 5% on Thursday and again yesterday, but
special significance was not attached to this fact.
At the same time the offerings of time money were
somewhat restricted, but quotations remained essentially unchanged, until yesterday, when loans at a
concession of WI of 1% were reported. It was
realized that the end of the month, as well as of the
week, was close at hand. Ordinarily interest and
dividend disbursements are large on Oct. 1. This
year will not be an exception. There were rumors
SPOT DELIVERY.
30 Days.
60 Days.
90 Days.
the latter half of the week that the Government Prime eligible bills
3%(:)3%
3544g3%
3%@3%
of
bonds.
issue
Naturally this
would make a big
FOR DELIVERY WITHIN THIRTY DAYS.
3% bid
caused selling of the Liberty issues, several of which Ellaible member banks
33( bid
Eligible non-member banks
the
first
time
for
since
they
par
were
dropped below
quoted at that level or above it, following a long
There have been no changes this week in Federal
period of depression in the securities markets gener- Reserve Bank rates. The following is the schedule
ally. The Washington advices did not contain
of rates now in effect for the various classes of paper
anything official or very definite even regarding the at the different Reserve Banks:
Government's plans for immediate financing in a big
DISCOUNT RATES OF THE FEDERAL RESERVE BANES
IN EFFECT SEPTEMBER 29 1922.
way. In some circles it was regarded as significant
Discountea Bus maturing
that Secretary of the Treasury Mellon was quoted as
within 90 daps (incl, member banks 15-day collateral
expressing the opinion that considerably better busiA primaBankers'
notes) secured by—
Trade turaj and
accepness in the United States was practically assured. In
llvestoct
acceplances
Treasury
Pester 21 R48001
paper
lances
Other- (Meted
notes and Liberty
Ba it of—
spite of the disquieting rumors and the actual happenfur
maturing maturing
wise
bonds
certtfiwithin
Otto
180
member
secured
and
of
cates
ings abroad on which an unfavorable interpretation
days
90 days
banks
and
Victory
indebtnotes
unsecured
edness
was placed, even foreign Government bonds held -4
4
4
4
4
4
4
4
4
4
pretty steady. Domestic bonds did not decline Hoston
4
4
Nrw York
434
4
4%
4%
434
44
la
Phliadelph
big
the
advances that t•Ieveland.
4%
44
434
44
sharply in comparison with
4%
4%
4%
4%
44
4%
4%
4%
ni.,hmond
44
44
4
4%
44
they had enjoyed. New offerings continued on a ktianta
4%
4%
44
4%
44
4%
434
Chicago
4%
4%
4%
4%
414
4%
good sized scale.
St. Louis
4%
4%
4%
44
44
Minneapol Is
Kansas Cie 3,
Dallas
ian Franc Iwo
4%
4%
4%
4
4%
4
4%
4%
4%
4
44
4%
4%
44
4
4
4
a
4
Dealing with specific rates for money, call loans
4@5%.
Last
week the
this week ranged between
Sterling exchange price levels have been adversely
range was 33/2@6%. Monday 5% was the high,
low.
the
On
432%
by the unfavorable turn of affairs in the
affected
with
Tuesday
and ruling figure,
SEPT. 30 1922.]
THE CHRONICLE
1467
4 and sixty days at 4 343/
Near East, and quotations have fluctuated irregu- transfers at 4 36%@4 383
@4
pound
quotations
were 4 36% for sixty
36%.
the
Closing
more
in
decline
of
than
6
cents
larly with a
in the late dealings, which carried demand bills down days, 4 38% for demand and 4 383' for cable
to 4 39%, or the lowest point since the end of transfers. Commercial sight bills finished at 4 3732,
March last. At the opening, improved prospects for sixty days at 4 36, ninety days at 4 34%, docua peaceful settlement of the Turkish trouble had a ments for payment (sixty days) at 4 36%, and
steadying influence and quoted rates moved up from seven-day grain bills at 4 37%. Cotton and grain
4 41-9-16 to 4 423/ for demand, notwithstanding the for payment closed at 4 3732.
Gold arrivals were larger this week and included
appearance of a large quantity of commercial bills,
particularly cotton, against seasonal shipments of $1,500,000 on the Mauretania from Southampton
this and other commodities. As the week advanced, and approximately $10,000,000 on the France from
however, and it became evident that the Near East- Havre. Shipments from South America were 26
ern situation was still far from a satisfactory solution, bars and 1 case of gold on the Carillo from Cartacable quotations from London came sharply lower. gena; 3 boxes of gold and 4 boxes silver and copper
Local operators, always apprehensive with reference coins on the Vasari from Trinidad; and 4 boxes of
to "trouble brewing in the Balkans," promptly with- gold on the Parima • from Dominica. The Greek
drew to await the outcome of the pending struggle for liner Themistocles this week brought 104 boxes of
supremacy, and quotations commenced to sag under gold Napoleons valued at about $5,000,000. There
the pressure of bills offering. Speculative interests was some talk of this being part of the private
figured prominently in the dealings at intervals, but fortune of the King of Greece, but this was disas fears of a clash between Great Britain and Turkey credited and the theory advanced that it was sent
kept buyers out of the market, attempts to sell only here as a basis for buying purposes, Greek exchange
brought about sharp recessions in rates. It should, at present being practically worthless. The United
however, be added that the losses were due more to Fruiter Tivives from Colombia brought 92 gold
a lack of interest than to any underlying weakness. bars, 3 cases of gold dust and one case of platinum,
Bankers, generally, appear confident that the present consigned to local institutions.
difficulty will be adjusted without resort to force of
arms, and point to the fact that were there any expecThe Continental exchanges were more or less.in
tation of actual warfare, the fall in currency values neglect this week, attention just at present centring
would have been much more severe. On the other mainly on sterling and the Turkish embrogho,
hand, there are some who express doubt as to whether and movements in rates on European currencies
it will be possible to bring the belligerent Turkish were confined within comparatively narrow limits.
army to terms without some sort of military offen- This was perhaps due in part to the temporary aid
sive, with all its attendant dangers and difficulties. granted the German Reichsbank by the Bank of
Another, though less important, influence in depress- England, which for the time being removes the
ing quotations has been the stiffening in money rates, reparations question as an active factor from market
also the growing realization of the probable effects calculations. Be this as it may, notwithstanding
of the new tariff bill, which it is predicted is almost the unsettling news from abroad, prices were about
sure to check importations and thus lessen the steady, at slightly above the levels prevailing redemand for remittances. In the final dealings cently, during the greater part of the week. French
heavy buying of dollars by London banks which and Belgian currency ruled at 7.60@7.68 and 7.18@
are desirous of increasing their balances here against 7.23 respectively, until well toward the close, when
possible untoward happenings, served to depress there were losses of from 5 to 15 points, mainly on
a lack of buying power. Reichsmarks remained
prices still further.
As to quotations in greater detail, sterling exchange at very close to 0.07, until Thursday, when here, too,
on Saturday last was quiet but about steady; de- the quotation sagged, touching 0.053
4 for checks,
mand ruled within narrow limits, at 4 41 9-16@ for a time. Austrian kronen remained nominal, at
%, cable transfers at 4 41 13-16@4 42, and 0.0014. It is learned that there has been a per4 417
sixty days at 4 40 15-16@4 411%. On Monday ceptible decline in the volume of business in marks
weakness developed following firmness at the opening. of late, owing to the stability in the rate, which
2 for demand, has not varied more than about 0.013/2 in several
so the day's range was 4 4P/@4 423/
4 for cable transfers and 4 40%@ weeks. According to some authorities, sentiment
4®4 423
4 413
4 41% for sixty days; unsettling foreign news was in Germany regarding the future of the mark is
responsible for the reaction. Further fractional decidedly more optimistic than is usually accredited
losses were registered' on Tuesday, bringing demand here, though no one has been found venturesome
to 4 40 9-16@4 411A, cable transfers to 4 40 13-16 enough to predict a recovery in the value of German
4 and sixty days to 4 39 15-16@4 40%; freer exchange, at least under present unsettled con@4 413
offerings, coupled with a lack of inquiry, were in- ditions. Quotations on the Central European exfluences in lowering quoted rates. On Wednesday changes moved along similar lines, declining fraceasier quotations from London and heavy offerings tionally in the late dealings after comparative
of commercial bills on the local market combined to steadiness in the early part of the week. Greek
% for demand, exchange rallied from the low point of a week ago
force prices down, to 4 39%@4 405
4 397
/@4 40% for cable transfers and 4 39@4 40 and ruled at about 2.20 for checks. Trading,
for sixty days. There was a further loss in sterling however, was exceptionally light, so that quotations
values on Thursday, and demand declined to 4 375
% in the minor exchanges were hardly more than
@4 38%, cable transfers to 4 38%@4 39% and nominal. At leading European centres commercial
sixty days to 4 37%@4 383
4; trading was dull and bills were freely offered, with, however, but few
restricted. Friday's market was a nominal affair, takers except at marked concessions. Speculative
with the undertone weak and quotations again interests were more or less active in the market,
lower; demand ranged at 4 361
/
g@4 383/2, cable but the conservative element are again adopting
1468
a policy of extreme caution in the matter of making
commitments. A feature of the week was the
movement of lire exchange, which opened weak and
subsequently turned strong, gaining about 8 points,
to 4.28 for checks, though losing part of the advance
at the close. The most generally accepted explanation is that Italy is not nearly as much involved
in either the reparations question or the Near
East dispute as are the other leading exchanges,
while it is claimed that remittances to Italy have
again assumed substantial proportions. Still others
intimate that the recent decline was due to a heavy
influx of grain bills, which have now been disposed of.
The London check rate in Paris finished at 57.68,
against 58.15 last week. In New York sight bills on
the French centre closed at 7.56%, against 7.59;
cable transfers at 7.57%, against 7.60; commercial
4, against 7.57, and commercial sixty
sight at 7.543
4, against 7.54 a week ago. Antwerp
days at 7.513
francs finished at 7.119j for checks and 7.12% for
cable transfers, which compares with 7.17 and 7.18
the week preceding. Final quotations on Berlin
marks were 0.06 1-16 for checks and cable transfers
alike, against 0.07 5-16 last week. Austrian kronen
closed at 0.0014 (one rate), the same as the previous
2 for
week. For Italian lire the close was 4.223/
bankers' sight bills and 4.233/ for cable transfers, in
comparison with 4.19 and 4.20 the preceding week.
Exchange on Czechoslovakia finished at 3.09, against
3.15; on Bucharest at 0.62, against 0.67; on
Poland at 0.00113, against 0.00132, and on Finland
at 2.21, against 2.18 last week. Greek drachma
closed at 2.15 for checks and 2.20 for cable transfers,
which compares with 2.05 and 2.10 a week earlier.
transfers, in comparison with 12.25 and 12.30 a
week ago. It is understood that the weakness in
Brazilian exchange is due to the action of the Bank
of Brazil in prohibiting all inter-bank business in
exchange, which means that all exchange will have
to be bought and sold directly through the Bank of
Brazil. Recent advices claim that the Bank is
refusing to part with any of its foreign balances and
thus forcing exporters to dispose of their milreis
elsewhere, which, of course, is reducing rates. The
probable reason for this course is in preparation for
the usual release of valorization coffee which occurs
at about this time of the year. Chilean exchange was
firm, closing at 14.25, against 13%, but Peru finished
at'4 03, unchanged.
Far Eastern rates remain about steady. Hong
Kong finished at 573/
2@57%, against 57M@57%;
2@783/
against 773/
7732@779',
2; YokoShanghai,
Manila,
483/©48%;
against
483'1@483',
hama,
493@49M (unchanged); Singapore, 519@52 (unchanged); Bombay, 28%@29, against 29/@29%,
and Calcutta, 29@293, against 2931@299'.
Neutral exchange, formerly so-called, gave a good
account of itself, and in a majority of instances
closed at a small net advance over the levels of the
preceding week. Both guilders and Swiss francs
gained ground fractionally for a while, though sagging at the close. The Scandinavian exchanges were
pretty well maintained, but finished slightly lower.
Pesetas, after a gain of several points early in the
week, closed at a decline. No particular reason
was assigned for these movements, further than the
activities of speculative interests who in view of the
risks attending dealings in European exchange, were
said to be turning their attention to dealings on the
former neutral centres.
Bankers' sight on Amsterdam finished at U.66,
against 38.65; cable transfers at 38.75, against 38.74;
commercial sight bills at 38.65, against 38.64, and
commercial sixty days at 38.31, against 38.30 a week
ago. Closing quotations for Swiss francs were 18.64
for bankers' sight bills and 18.65 for cable remittances. A week ago the close was 18.68 and 18.69.
Copenhagen checks finished at 20.23 and cable transfers at 20.28, against 20.81 and 20.86. Checks on
Sweden closed at 26.23 and cable transfers 26.28,
against 26.48 and 26.53, while checks on Norway
finished at 17.05 and cable transfers at 17.10, against
16.82 and 16.87 the week previous. Spanish pesetas
finished the week at 15.14 for checks and 15.15 for
cable transfers, against 15.27 and 15.28 last week.
With regard to South American exchange, the
situation remains without essential change. Argentine currency closed at 35.38 for checks and 35.42 for
4 last week.
cable transfers, against 3531 and 353
to
continued
lose ground
hand,
other
Brazil, on the
and
11.75
for cable
checks
for
11.70
at
and finished
[Vol,. 115.
THE CHRONICLE
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below
the record for the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
SEPT. 23 TO SEPT. 29. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
aIry and Monetanj Unit.
Sept. 23. Sept. 25. Sept. 26. Sept. 27. Sept. 28. Sept. 29.
$
$
$
$
$
$
EUROPE.000014 .000014 .000014 .000014 .000013 .000014
Austria, krone
.0710
.0714
.0717
.0721
.0722
.0721
Belgium, franc
Bulgaria, 1ev006417 .006367 .006283 .006175 .006267 .006133
.031567 .031378 .031011 .030733 .030906 .030861
Czechoslovakia, krone_
.2029
.2066
.2072
.2081
.2089
.2086
Denmark, krone
4.4215 4.4119 4.4051 4.3884 4.3660
4.4191
pound
England,
.02195
.022013
.0220
.021913
.021713 .022063
Finland, markka
.0756
.0757
.0760
.0763
.0765
.0762
France,franc
.000602
.000594
.000603
.000677
.000708
.000709
reichsmark
Germany,
.0224
.0241
.0234
.0245
.0243
.0249
Greece, drachma
.3869
.3873
.3876
.3878
.3877
.3876
Holland, guilder
.000393
.000396
.00039
.000401
.000404
000394
Hungary, krone
.0422
.0426
.0422
.0428
.0423
.0421
Italy, lire
.003415 .003424 .003367 .003392 .003419 .003394
Jugoslavia, krone
.1695
.1699
.1691
.1698
.1693
.1689
Norway, krone
.000132 .000124 .000117 .000112 .000113 .000113
Poland,Polish mark
.0387
.0424
.0440
.0377
.0453
.0452
Portugal, monde
.006416 .006191 .006141 .006159 .006125
.0065
ittlinanfa,leu
.013571
.0137
.013671 .013793 .013657 .0135
Serbia, dinar
.1521
.1510
.1511
.1526
.1532
.1530
Spain, peseta
.2624
.2635
.2641
.2644
.2649
.2648
Sweden,krona
.1860
.1867
.1864
.1866
.1871
.1869
Switzerland, franc
ASIA.7988
.7988
.7992
.8004
.7996
.8000
China, Onto° tadl
.7921
.7921
.7925
.7938
.7929
.7933
" Hankow tael
.7659
.7659
.7663
.7667
.7673
.7668
" Shaman I tadl
.8038
.8029
.8050
.8063
.8038
.8067
" Tientsin tael
.5692
.5709
.5719
.5716
.5713
.5709
dollar_
Kong
" Hong
.5560
.5566
.5570
.5575
.5594
" Mexican dollar__ .5597
" 'Tientsin or Pelyang
.5692
.5692
.5696
.5742
.5733
.5738
dollar
.5650
.5600
.5671
.5700
.5713
.5721
" Yuan dollar
.2832
.2839
.2846
.2861
.2845
.2856
India,rupee
.4799
.4803
.4806
.4809
.4814
.4815
Japan. yen
.5129
.5158
.5150
.5125
.5154
.5125
Bingapore.S. S. dollar
AMERICA
NORTH
.99989 .999863 .999896 .999865 .999863 .999902
Canada. dollar
.998813 .999125 .999063
.998313 .999063 .9990
Cuba, peso
.48275 .48305 .4825
483875 .48325 .4830
Mexico, peso
.997422
.997891 .997891 .997422 .997422 .9975
Newfoundland. dollar
SOUTH AMERICA.8011
.8019
.8010
.8003
.8013
.7973
Argentina; peso (gold)
.1148
.1167
.1179
.1194
.1186
.1171
Brazil, milreals
.7672
.7701
.7686
.7679
.7731
7719
Uruguay. Peso
.1379
.1381
.1378
.1389
.1372
.1360
nhila now.% (naTIPPI _
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,980,841 net in cash as a result of the currency movements for the week ending Sept. 28.
Their receipts from the interior have aggregated
$5,496,541, while the shipments have reached $1,515,700, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Sept. 28.
Banks Interior movement
Into
Banks.
I
15,496,5411
Out of
Banks.
I
Gain or Loss
to Banks.
31.515.700IGaln 13.980,84
THE CHRONICLE
SEPT. 30 1922.]
1469
bring the apparent deficit for 1923 up to $824,500,000, an amount in excess of the total reduction in
taxation for 1923 under the Revenue Act.
This is a gloomy outlook. It is true these figures
are based largely upon estimated rather than actual
receipts and expenditures, but we can do nothing
more than to accept the Government's estimates in
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
good faith. Figures for actual receipts and expenditures are available now for the first quarter of the
Aggregate
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday.
for Week.
Sept.23. Sept.25. Sept. 26. Sept.27. Sept.28. Sept.29.
fiscal year, but they cannot be taken as a normal for
S
the year. Both receipts and expenditures are more
55,000,000 60,000,000 35,000,000 50,000,000 51,000,000 62,000,000 Cr. 313,000,000
From July 1 to and including
Note.—The foregoing heavy credits reflect the huge mass of checks which come or less seasonal.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances, September 26 of this year (the latest available fighowever, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions. They represent only one side of the account, as checks ures of the Treasury Daily Statement as this goes to
drawn on the Reserve Bank itself are presented directly to the bank and never
the press) the total receipts were $851,000,000 and
go through the Clearing House.
the total expenditures $735,000,000. This relative
proportion of revenue to expenditure, however, will
of
bulfollowing
table
amount
indicates
the
The
not hold in the succeeding quarters.
lion in the principal European banks:
Enough financial facts are available to the counSept. 28 1922.
September 29 1921.
try and to Congress to cause the most serious scruBanks of
Silver.
Gold.
Silver.
Total.
Total.
Gold.
tiny of all new projects which might add to the ex127,431,595128,414,367
128,414,36
England_ _ 127,431,595
penditures for 1923. This year has nine months
France a.143,366,453 11,480,000 154,846,453142,989,149 11,080,000154,069,149
880,000 52,045,000 longer to run, during which time a new session and
Germany _ 50,111,330 1,250,15 51,361,480 51,185,000
Aus.-Hun.. 10,944,000 2,369,III 13,313,000 10.944,000 2,369,000 13,313,000
100,935,00 25,807,III 126,742,000100.026,000 24,910,000 124,936,000 perhaps an extraordinary session of Congress will
Spain
34,624,00
3,077,III 37,701,000 33,403,000 2,974,000 36,377,000
Italy
861.000 51,358,000 be held.
Netherl'ds 50,496,00
742,0II 51,238,000 50,497,000
1,823,0'I 12,487,000 10,663,000 1,592,000 12,255,000
Nat. Bell?. 10,664,00
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
Switz'land 20,240,000
Sweden_._ 15,207,000
Denmark _ 12,683.00
Norway __ 8,183,00
4,589,
230
I
ill
24,849,000 21,788,000
15,207,000 15,821,000
12,913,000 12,642,000
8,183,000 8,115.000
4,420,000 26,208,000
15,821,000
195,000 12,837,000
8,115,000
Total week 584,885,37: 51,367,1 636,252,528 586.487.516 49,261,000635,748,516
Prey. week 584,926,40: 51,169,260636.095,658586,450,126 49,214,000835,664,126
a Gold holdings of the Bank of France this year are exclusive of £77,934,182
held abroad.
THE STATE OF THE BUDGET WHEN CONGRESS ADJOURNED.
In a recently published statement, the Under Secretary of the Treasury stated that for the fiscal year
1923 there would be a reduction in taxes to the
amount of about $800,000,000 as compared with what
would have been levied under the old law, provided
the budget could be made to balance. He puts the
apparent deficit of $672,000,000 on the basis of
total estimated receipts from all sources of $3,099,000,000, and total estimated expenditures of $3,771,000,000. This statement of the Under Secretary does
not take into account additional charges which may
be made upon the Treasury during the fiscal year
1923 as a result of new appropriations by Congress.
Just before adjournment Congress passed the
first deficiency appropriation bill for 1923 in the
sum of about $2,500,000. This brings the total apparent deficit up to $674,500,000. At the time this bill
was reported there was pending before the Appropriations Committee an item of $42,500,000 to pay
claims for taxes illegally collected. These refunds
have already been adjudicated by the Treasury and
the Government is bound to pay them. Furthermore,
nothing is to be gained by postponement, since they
bear interest at 6% from date of certification by the
Treasury. The Government can borrow money at
less than 4%.
In December or January, as usual, there will be
another deficiency appropriation bill. It will no
doubt carry the item above mentioned and a number
of others. The Bursum pension bill is pending before the House, having already passed the Senate,
and this, too, may be included. It would make a
charge of about $60,000,000 against the revenues for
1923. It is within the realm of probability that, after postponing every possible expenditure to 1924,
Congress will enact further appropriations for 1923
to an amount of about $150,000,000. This would
THE "SELFISHNESS" OF INDIVIDUAL AND
THAT OF CLASS.
A fiction writer in a popular magazine has undertaken to teach by means of the short story some of
the homely truths of our economics. In one of these
he depicts a young man of inherited fortune devoting
himself to the cause of "the masses," spending freely
from his income to finance propaganda—and finally
a "strike." By reason of this strike, increased wages,
with no increase in fares, and further developments
and complications, a street railway company is
forced into the hands of a receiver. Calling upon his
agent to learn why his income has stopped, he is
astounded to discover that the trust estate left him
by his father was invested in the bonds of this company. He is forced to "go to work," and relinquish
his effort in behalf of "the masses"—and soon finds
that widows and orphans have been deprived of their
income because of the bankruptcy of this same company, a bankruptcy, he, in his mistaken zeal and
honest ignorance, has been instrumental in bringing
about.
There is more to the story, the principal lesson of
which, no doubt, is intended to reach another condition, now assaulted by a popular fallacy. If we may,
we wish to amplify and enlarge upon the one lesson
above outlined. It must be a source of wonder to
thoughtful men that the "direct methods" of reformers, even when freed from coercive features, are
so selfishly short-sighted as to render them blind to
the incidental but inevitable effect of the adoption
of their plans upon others who occupy the position
of non-participants. "Unionism," on its own statement, embraces only 4,000,000 workers in an admitted 40,000,000. The "greatest good to the greatest number" is not reached by this road.
One of our troubles, in all these discussions of the
"better way," is that we do not appreciate the economic difference between the "selfishness" of the individual and that of the class. Be the motive of the
former what it may, the law of its return to the owner is service. The selfishness of millions of individuals, even for profit's sake, is upon an even and
open plane under freedom of opportunity. The sel-
1470
THE CHRONICLE
fishness of a class must necessarily be by way a
escape, since class rule must annul the counteracting and neutralizing effect of the liberated selfishness of individuals. It is possible to conceive of the
organization of a class for an increase of service to
mankind, but this can only occur upon a philanthropic basis which is a relinquishment of individual strength, opportunity and service—and in behalf of others. When men band together by industries or crafts to enter the economic field, their only
benefit to individuals, members, must be to increase
the personal selfishness of each, and to place him in
a position to escape as far as possible the essential
co-operation that lies in natural competition.
We are all bound together in the web of a united
effort to prosper, under free choice of work and vocation, as individuals. We cannot by classes pull
out the threads of this web without exposing others
to the weakness of the affected part. Destroying an
essential link in a chain, by removing from it its
burden in sustaining the whole, weakens the chain.
The stroke of an axe in a forest, as sometimes said,
rings throughout the world of industry. The man
may be earning a living cutting ties for a railroad
company, with no thought beyond the purchase
price paid for the ties, but without them there is no
railroad. The very ties themselves are necessary to
their own hauling to a favorable market. Conspiracy with other woodmen to produce no more ties in
order to raise the price, prevents the return of supplies to support the life of the settler in remote districts, be he forester or farmer. And the same is
true throughout the range of industry. Not increase of service, but its diminution, follows class
formation. And because reciprocity occurs despite
motive in individualistic selfishness—the attempted
coalition of classes seeking to escape the natural
law must ever result in failure. Harmony between
classes based on selfishness is essentially impossible. The one "big union" of many selfish classes
cannot hold together. There never will come a time
when so-called farmers and factory employees can
coalesce in a "perfect union."
The selfishness of an individual outside a class
and that of one inside is different in character.
This the "organizers" do not see; or, if they do see,
do not acknowledge. In the one case, we make bold
to say, the selfishness is based on love of family; in
the other case, the love of family, though often emphasized, is not the chief motive, since the purpose
of the organism is to help or advance the class—
that this may help the family. The "strike" order
does not think of the family first, but of the classunion first. Prohibition, good or bad, constitutional or otherwise, was enacted because the family suffered. And on the same basis the "strike" might be
prohibited because the family suffers, though, of
course, the parallel does not obtain. What the
"worker" does not see, what the "agitator" ignores,
is, that production can increase only by the enlargement of personal service, and that it must diminish
through and by means of the "advantage" gained by
a class—a class separated from the natural law governing the whole, governing "the masses," which in
any true interpretation is a misnomer.
We cannot escape the conclusion that when the
worker has done his best under a prevailing condition he has done the best for society as well as for
himself. If the condition be one natural to freedom
of effort, freedom in opportunity, and a guaranteed
ownership of rewards, the common good must re-
[Vox,. 115.
sult. The only equality possible exists. The tendency is toward collective advance. Nor class, nor
government, becomes oppressive. The "little drops
of water," "the tiny grains of sand" make up the
currents of progress and the solid earth of civilization. The inescapable truth is that man, each man,
has enough to do to look after his own interests in a
mobile state of social endeavor. And when he follows the law of his own advance, which is service, he
cannot be untrue to others. But when he seeks
through class and craft unionism that betterment
which he is falsely told lies only in the triumph of
class, he is prevented from thinking of "the other
fellow," the fellow outside his special organization.
What are profits but the means by which to pay
wages? What is capital but the sole continuous
employer of labor? How can there be collectivism
without enduring individuals? Why worry?
THE INJUNCTION AGAINST THE RAILWAY
SHOPMEN MADE PERMANENT.
Judge Wilkerson last Saturday indefinitely continued the injunction against the railway shopmen;
for the sake of clearness, a few changes in the wording were made in several paragraphs, the phrase
"with intent to further said conspiracy" being added.
The existence of a conspiracy is distinctly affirmed,
for Judge Wilkerson says the acts of sabotage were
"on such a large scale and in point of time and place
so connected with the admitted conduct of the strike
that it is impossible, on the record here, to view them
in any other light than as done in furtherance of a
common purpose and as part of a common plan"; he
also says the record "does not permit the conclusion
that those who are at the head of this combination
did not actually know that these things were being
done." The relation between a hint and unlawful
conduct occurring almost directly afterwards was
plainly shown at Herrin; moreover, the relation as it
presents itself to Judge Wilkerson's mind accords
with the view of personal responsibility finally taken
by the Supreme Court in the case of the Danbury
Hatters.
The unions seek to carry the matter directly to the
final tribunal, their counsel, of course, arguing that
the injunction, based on ex parte evidence, seems in
disregard of fundamental principles and in exercise
of a power specifically denied "by an Act of Congress, passed in order to prevent the very deprivation
of liberty and property which is here accomplished."
We considered the bearing of the Clayton law upon
this proceeding two and three weeks ago, and need
not discuss it farther at present. Mr. Gompers, misleading union members as heretofore, tells striking
surface road men in Buffalo that the injunction "forbids the men to converse about the strike by word, by
circular, or by letter or telegraph; I have not been
able to find out if it forbids them to learn about conditions by radio." He might easily find out if he
would only read it without blood and fury in his
eyes,for it does nothing of what he says. It does forbid sabotage or picketing; but in the direction mentioned by him it forbids, by any form of communication, directing or encouraging any person "to abandon the employment of the said railway companies
or any of them or to refrain from entering the employment of said railway companies or either of
them." It also forbids eight union heads by name to
issue to any officer or member of the shop crafts any
order or suggestion as to their conduct or the acts
SEPT. 30 1922.1
THE CHRONICLE
1471
they shall perform "subsequent to the abandonment
THE GRAND JURY INDICTMENTS IN THE
of the employment of said railway companies," or to
HERRIN LABOR MASSACRE.
do or say anything for the purpose of inducing any
at Herrin in southern Illinois ocThe
massacre
such officer or member "or any other persons whatand now a Grand Jury in the
21,
on
June
curred
or
of
ever" to do or say anything for the purpose
over two hundred "true bills"
has
returned
county
abandon
to
person
either
any
with intent to cause
in it, 44 for murder and
concerned
persons
against
it.
refrain
entering
from
to
or
the employment
54 for assault with inmurder,
to
58
for
conspiracy
remay
we
this
at
upon
present,
dwelling
Without
"rioting." The work
for
58
another
mark that, probably for the first time, a judicial or- tent to kill, and
AttorneyBrundagee,
J.
Edward
by
done
has
been
der forbids or comes close to forbidding the issue of
known
made
was
It
Illinois.
of
of
the
State
General
a strike order. Turn back in memory six years, and
yet,
forgotten
been
have
hardly
can
and
the
time,
at
brothFour
the
chiefs of the Big
imagine that in 1916
the
and
work
inadequate
at
were
who
the
miners
that
expressand
in
about
Washington
strutting
erhods,
ing weariness at carrying "dynamite" (the strike or- number of guards were not without arms, but when
ders) in their pockets, had been enjoined against let- they found themselves outnumbered and further reting go those explosives; what would have been the sistance useless, did as men have almost invariably
result of such a judicial intervention, when courage done in such circumstances,they surrendered. Then,
seemed to be lacking at both ends of Pennsylvania after it was entirely "safe" to engage in butchery,
the butchery began. The Grand Jury finding is that
Avenue?
Mr. Gompers says he is "not a lawyer," rather su- "the new commander" ordered the captives to march
perfluously, for nobody would suspect him of being into the woods near the mine power house. He then
one; but he says he does "know that the fundamental (and observe this carefully) "directed that on/y
principles of the Constitution of the United States those in the crowd who had guns should follow into
forbid the issue of any injunction like the one Wil- the woods and those who were unarmed should rekerson has decreed." A humorist once said that "it main without"; there was obviously no sense in havis better not to know so much than to know so much ing unarmed defenders of the rights of labor go in
that is not so." Mr. Gompers's familiarity with the and get in the way.
The job then began. According to the jury, the
Constitution may be doubted, but his contempt and
dislike for the courts have long been known and he surrendered men were marched back and set near a
has been defendant in "contempt" proceedings. He barbed wire fence, and were told "they would be
tells the Buffalo strikers "that in principle and right given a chance to run for their lives while under
an injunction cannot and should not be issued for the Iiie." The fire began immediately; the mob pursued
prevention of crime." Why not, if crime can thus be Those who escaped, hung some to trees forthwith, and
prevented? How is a writ of injunction, forbidding put ropes around the necks of others, whom they
an unlawful act, more against the public safety than marched through Herrin to a convenient cemetery,
a writ of mandamus to perform a lawful one? "Un- where they were shot or their throats were cut. Woder this injunction," adds Mr. Gompers, "if a rail- men and children applauded and urged it along, and
road shopman committed murder, would he be haled water was refused to a few of the victims, for they
into court on the murder charge, or would he face a could die just as well without it. And so on. This is
charge of contempt of court for violating the injunc- enough for details, but it was in this land of freedom
tion?" This sneering question does not justify a di- for the oppressed of all the world and under a politrect reply; but if any fundamental rights are in- ical form which is supposed to furnish guarantees.
The work of tracing responsibility home has been
fringed by an injunction prohibiting, in advance of
any direct or overt act, the committing of a crime, full of difficulties. Attendance of witnesses was
why does it not follow that the rights of us all are in- hard to procure, and testimony was hard to extract
fringed by every penal statute? Observe, once more, from them. The Illinois branch of the United.Mine
that the Clayton law forbids enjoining "peaceful" Workers officially announced that it would "finance
and "lawful" conduct, but no other; and how can any and direct the defense" of every union miner brought
human right be abridged, or even menaced, by a judi- to trial; this was not of itself improper, since every
cial order forbidding the doing of wrong acts, already accused person is entitled to a defense, but the announcement also made the remarkable declaration
under the ban of statute?
A proverb tells us that no rogue e'er felt the halter that "the very magnitude and sternness of the agitadraw with good opinion of the law. Those who obey tion for the punishment of those involved in the riotand wish to obey statutes for the general protection ing creates danger for innocent men," and the coroapprove them; the unlawfully disposed dislike police- ner's inquest was a bald farce, attempting to put all
men and courts. It is no coincidence and indicative the blame for these acts "by unknown persons" upon
of no unusual bent of mind that union heads, from the operators who attempted to work the mine. There
Mr. Gompers down, are so opposed to the courts and was difficulty also in finding the necessary funds,
so particularly hate injunctions. If the Wilkerson but the Merchants' Association here took up that,
injunction were what the ex-service man calls a and so did the Illinois Chamber of Commerce, joined
the
"dud," lacking any force, the union despots would by other business bodies in the northern part of
attention
the
received
and
and
jumping
foaming
State.
not
One
of
has
incident
have smiled instead
was expecttalking about impeachments and new constitutional it deserves: one of those business bodies
the course
in
County
ing
to
Williamson
pass
through
amendments.
from the
came
it
to
this
and
of
concerning
thought
or
proceedings,
said
convention
be
else
Whatever
Hernear
quite
action, it has accomplished one good thing: it has town of Marion (the county town but
just
"pass
to
request
drawn the lines more.sharply, it has shown that or- rin) an official or quasi-official
that same town,
ganized labor as now controlled and pointed is a hos- through Marion" and not stop. In
in surety
millions
of
aggregate
on
which
raised
Monday last, an
tile and menacing force. An issue is
to the
report
a
to
according
worth
was
deferred.
offered,
cannot much longer be evaded or
1472
TH
CHRONICLE
"Times," by 86 business men, and the court released
36 of the accused upon bonds totaling $421,000 and
held eight of the ringleaders without bail. Admitt'ng that the offenses are legally bailable, there is
nothing condemnatory in the mere fact that bail is
offered for accused men who are financially unable
to furnish it for themselves; but observe this statement from the same news story: "For days a committee of miners, headed by Mayor A. T. Pace of
Herrin, a member of the union, has been making the
rounds of the merchants and bankers, seeking sureties for the prisoners, on the plea that this would
show who stood with the union." Is the atmosphere
in that county so deadly that business men who fail
to "stand with" the union may expect the boycott to
reach their business, and, possibly, some other
persuasives to reach their property or their
families?
Apparently the Illinois branch of the United Mine
Workers should have come forward to make good its
offer of financial aid to every union miner brought
to trial; but possibly it is not expected that the men
will be tried, or possibly the merchants who volunteered, under personal canvassing, are themselves
union members, or possibly the meaning is that no
union man did or ever could commit any outrages in
a time of strike or otherwise. President Lewis of
the national organization promptly disclaimed any
connection with "the unfortunate occurrence at Herrin"; the organization officers, he said at the time,
were "shocked" and the organization "has never encouraged and does not condone lawlessness of any
character," although aware "of the fact that sinister
influences have for some time been at work among
our membership to incite and inflame the spirit of
violence." But Mr. Gompers considers a strikebreaker the "most despicable creature" existing; a
message had been posted, a day or two before the unfortunate occurrence, from Mr. Lewis himself, "that
representatives of our organization are justified in
treating this crowd as an outlaw organization and in
viewing its members in the same light as they would
view any other common strike-breakers"; and the
local miners' organ, a few days after, admitting that
the dead men did not present a pretty appearance,
said that "hideous as the face of a crook naturally
mnst be, they were even worse after justice had been
done."
If all outrages and murders committed in times of
strikes are by the sympathetic outsider, no union
man can wish to screen him, for he is also bringing
organized labor into disrepute and aiding the conspiracy among capitalists and employers to force the
open shop and even destroy collective bargaining.
The dominant interest is the public interest, for a
country in which the right to work is not protected
for every person is a country where nothing worth
the having is safe. The subject is now brought home
to the State of Illinois, and to the whole United
States.
COMMERCIAL CREDIT COMPANY TO ACQUIRE
CONTINENTAL GUARANTY CORPORATION.
Formal announcement was made on Sept. 29 by Edward S.
Maddock, President Continental Guaranty Corp., New
York, that subject to approval by stockholders of Commercial
Credit Co., Baltimore, that company is making an offer for
the purchase of the entire capital stock, but in any event
two-thirds thereof, of Continental Guaranty Corp. This
offer is being submitted to stockholders of Continental
Guaranty Corp. with a recommendation of acceptance thereof
by its board of directors. Commercial Credit Co. has had
['Vol,. 115.
Robert Garrett & Sons, Baltimore, and associates underwrite $1,000,000 of 7% Cumulative Preferred stock at
$26 50 $1,000,000 Class B 8% Cumulative Preferred stock
at $27 50, and $500,000 Common stock at $52 50 per share,
par in each case being $25. In addition, $200,000 Common
stock will be offered to employees of Commercial Credit
Co. and its affiliations, Commercial Acceptance Trust,
Chicago & Commercial Credit Co., Inc., New Orleans, and
of Continental Guaranty Corp., at $52 50 per share. A
15% Common stock dividend will be paid on or before
Nov. 1 1922 to Commercial Credit Co. Common stockholders of record Oct. 21 1922.
Stockholders of Continental Guaranty Corp. have prior
rights to purchase Commercial Credit Co. new stock on
the basis of two shares of Preferred, two shares of Class B
Preferred and one share of Common stock at the above prices,
payment for which can be made in Continental Guaranty
Stock at $100 per share; or said stockholders may elect to
accept $95 00 cash per share with 6% interest from Sept. 15
1922. Continental Guaranty Corp. was organized in 1916
under the Banking Law of the State of New York and has
for several years been a leading factor in the financing of the
sale of motor vehicles, to the aggregate value of over $265,000,000. Of late the corporaion has diversified its business
into open accounts and other receivables, thereby covering
bout the same field as Commercial Credit Co., which has
for years been desirous of extending its operations and giving
local service to customers in the New York territory.
With the acquisition of a controlling interest in Continental, the aggregate resources of Commercial Credit Co.
and its affiliations are stated to be about $55,000,000 with
a combined annual volume of business of about $135,000,000.
The Baltimore company will have a cash capital of $9,000,000 and surplus and undivided profits of $2,100,000.
THE NEW CAPITAL FLOTATIONS DURING AUGUST
AND THE EIGHT MONTHS.
While the indications are that the new capital flotations
in the United States, as represented by the stock, bond and
note issues brought out on behalf of corporations and by
States and municipalities, foreign and domestic, for the
current month will again reach quite large proportions, the
extended tabulations we present below show that the aggregate of the new financing in August, while far from insignificant, was nevertheless relatively light. The amount is
only $199,211,136. This, though at the rate of 23/2 billion
dollars per annum, is but little more than half the $381,609,071 of new issues for July, and compares with $550,824,856 in June, $617,235,070 in May, $655,817,946 (the
record for any month) in April and $557,257,979 in March.
It is,in fact,the smallest;total of any month since March 1921,
The total is also with one exception well below the corresponding totals of August in all previous years back to
the time of the war. At $199,211,136 it compares with
$214,741,755 in August 1921, $198,623,837 in August 1920
and with $346,670,307 in August 1919.
There was a slowing down of activity in all directions—
evidently with the idea of furnishing a breathing spell after
the prodigious flotations of previous months, the aggregate
of the new issues for the seven months from Jan. 1 to July 31
having been no less than $3,562,302,825. During August
no foreign issues of any kind were brought out here, either
corporate or Government, the total of farm loan issues was
no more than $8,500,000, while the new municipal issues
put out, which had been running close to or in excess of
100 million dollars monthly for some months, dropped to
$65,911,016 in August 1922. The corporate offerings, while
seemingly large at $124,716,120, are, as a matter of fact,
some 100 to 200 millions below the corporate flotations for
the months immediately preceding.
Financing accomplished by industrial companies amounted
to $94,144,000, as compared with $25,693,220 for public
utilities and only $4,878,900 for railroads. This showing
contrasts sharply with the results for the eight months
ending Aug. 31. Hero we find that financing by railroads
amounted to $552,353,950 and by public utilities to $.590,949,845, or over 50% of the total.
1473
THE CHRONICLE
SEPT. 30 1922.1
The largest new industrial issue was the $12,000,000
Gimbel Brothers 7% Cumulative Preferred stock, offered
at 102, yielding about 6.86%. Other industrial issues of
prominence were: $10,000,000 Eastern Cuba Sugar Corp.
73/2% Mortgage bonds, duo 1937, offered to stockholders of
Cuba Cane Sugar Corporation at 100, yielding 73/2%;
$9,000,000 Long Bell Lumber Co. First Mortgage 6% bonds,
due 1942, offered at 96, to yield about 6.35%;
Series "
$7,000,000 U. S. Rubber Co. First and Refunding Mortgage
to yield
5% bonds, Series "A," due 1947, offered at 90
5.72%; and $6,000,000 R. H. Macy & Co., Inc., 7%
to yield 6.76%.
Cumulative Preferred stock, offered at 103
largest was
the
utility
offerings
public
new
Among the
$6,500,000 Toledo Traction Light & Power Co. 3-Year 6%
notes, due 1925, which were offered at 98 to yield about
6.75%. As already indicated, financing on the part of railroads was practically negligible, with only two small equipment issues constituting the output for the month.
The $8,500,000 Federal Farm Loan issues were all of 5%
coupon rate, maturing in 1952 and were offered at prices to
yield from 4.60% to 4.66%.
The following is a complete four-year summary of the
new financing—corporate, foreign Government and municipal, and farm loan issues—for August and the eight months
ending with August:
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT AND MUNICIPAL
FINANCING.
New Capital.
1922.
AUGUST—
:orporatel Foreign _
1 Domestic
?oreign Government
i'arm Loan Issues
Var Finance Corporation
vlunicipal
Canadian
"
United States Possessions_ _ _
"
Total
Refunding.
Total.
$
$
$
98,566,120
124,716,120
8,500,000
65,504,516
None
84,000
406,500
65,911,016
None
84,000
172,654,636
26,556,500
199,211,136
EIGHT MONTHS ENDED AUG.31 —
81,695,000
r:orporate{Foreign
1,519,838,817
Domestic
354,305,000
'oreign Government
222,340,000
Wm Loan Issues
War Finance Corporation
801,968,915
1‘4unicipal
70,356,650
Canadian
"
31,834.000
United States Possessions...
"
3,082,338,382
Total
26.150.000
8,500,000
81,695,000
511,281,040 2,031,119,857
15,000,000 369,305,000
42,000,000 264,340,000
8,264,859
103,250,000
810,233,774
173,606,650
31,834,000
679,795.899 3.762,134,281
Total.
•
AUGUST—
Corporate'Foreign
1Domestic
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
"
United States Possessions
"
$
_
Total
$
$
64,815,000
32,500,000
8,096,000
72,911,001
32,500,001
94,397,755
4,100,000
10,592,000
241,000
94,638,755
4,100,000
10,592,000
206,404,755
8,337,000
214.741.755
EIGHT MONTHS ENDED AUG.3 L —
4,275,000
Corporatef Foreign
. 1,167,368,501
1Domestic
• 195,000,000
Foreign Government
40,000,000
•
Farm Loan Issues
War Finance Corporation
660,798.516
Municipal
26,324,000
Canadian
"
25,022,000
United States Possessions .
"
4,275,000
420,557,080 1,587,925,581
50,000,000 245,000,000
40,000,000
,
5,059.850 665,858,366
26,324,000
25,022,000
2,118,788,017
475,616,930 2,594,404,947
Total
1920.
AUGUST—
CorporatefForeign
1Domestic
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
"
United States Possessions
"
109,605,789
15,069,000
124,674,789
56,282,382
4,250,000
10,015,000
3,401,666
59,684,048
4,250,000
10,015,000
180,153,171
Total
_
EIGHT MONTHS ENDED AUG.3
27,875,655
CorporatejForeign _
1,962,646,057
1Domestic
125,000,000
Foreign Government
Farm Loan Issues
War Finance Corporation
431,780,206
Municipal
27,055,000
Canadian
"
10,015,000
United States Possessions_ _ _
"
18,470,666
198,623,837
2,584,371,918
Total
New Capital.
Refunding.
1921.
1919.
AUGUST—
CorporatejForeign
'Domestic
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
"
United States Possessions
"
Total
7,575,249
7,498,000
439,355,455
34.553,000
10,015,000
207,416,535 2,791,788,453
250,371,150
15,000.000
5,000,000
17,110,300
267,481,450
15,000.000
5,000,000
58,441,354
None
747,503
None
59,188,857
None
328,812,504
17,857,803
346,670,307
EIGHT MONTHS ENDED AUG.31
CorporatejForeign
25,653,000
1Domestic
1,382,520,754
Foreign Government
80,000.000
Farm Loan Issues
5,000,000
War Finance Corporation
200,000,000
Municipal
437,906,657
"
Canadian
12,005,300
"
United States Possession&
10,200,000
Total
27,875,655
192,343,286 2,154,989,343
125,000,000
2,153,285,711
"Aim vg +
25,653,000
277,569,110 1,660,089,864
28,179,000 108,179,000
5,000,000
200,000,000
10,923,463 448,830,120
87,005,300
75,000,000
10,200,000
391,671,573 2,544,957,284
COMPARATIVE STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1922.
1920.
1921.
August.
New Capital.
Long Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, ctc
Rubber
Shipping
Miscellaneous
4,878,900
10,970.500
1,500,000
1,000,000
11,959,000
Refunding.
470,000
4,641.000
85,000
6,000,000
Total.
4,878,900
11,440.500
1,500,000
1,000,000
16,600,000
New Capital.
29,450,000
5,750,000
10,000,000
8,102,000
7,000,000
1,000,000
22.000.000
Total
Short Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
cos
Other industrial and manufacturing
Oil
&c
Land, buildings,
Rubber
Shipping
Miscellaneous
52,925,400
21,196,000
74,121,400
54,600,000
5,089,000
3,561,000
8,650,000
3,350,000
Total _ Stocks—
Railroads
Public utilities
&c
Iron, steel, coal, copper,
Equipment manufacturers
Motors and accessories
manufacturing cos
Other industrial and
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous.
5,289,000
3,561,000
5.602,720
4,880,000
1,506,000
1,393,000
Total corporate securities
Total.
1,500,000
33,061,000
8,000,000
4,850,000
10,300,000
2,000,000
2,250,000
7,361.000
12,500,000
6,800.000
6,000,000
6,800,000
6,000,090
22,750.000
2,250,000
22,750,000
69,470,000
3,350,000
2,000,000
2,225,000
2,000,000
2,225,000
15,000,000
84,470,000
1,500,000
2,500,000
2,000,000
125,000
8,850,000
4,115,000
735,000
4,850,000
10,350,000
10,350,000
5,602,720
4,880,000
2,899,000
2,500,000
2,500,000
288,800
288,800
3,600,000
3,600,000
1,400,000
4,800,500
9,000,000
41,744,720
4,878,900
21,662,220
6,330,000
1,506,000
1,000,000
17,209,000
1,668,000
9,162,000
1,000,000
1,000,000
33,100,000
10,000,000
4,878,900
25,693,220
6,380,000
2,899,000
1,000,000
21,850,000
1,668,000
9,247,000
7,000,000
1,000,000
43,100,000
98,566,120
26,150,000
124,716,120
85,000
6,000,000
12,500,000
1,500,000
2,500,000
2,000,000
125,000
20,500,000
1,393,000
25,000.000
11.420,000
1,500,000
20,500,000
4,641,000
15,000,000
Total.
735,000
5,250,000
1,668,000
945,000
4,031,000
10,000,000
11,420,000
Refunding.
765,000
5,250,000
1,668,000
945,000
1,393,000
New Capital.
61,961,000
200,000
200,000
40,351,720
1,500,000
3,611.000
2,250,000
4,850,000
10,300,000
2,000,000
8,017,000
1,000,000
1,000,000
12,600,000
Total _ _
Total—
Railroads
Public utilities
&c
Iron, steel, coal, copper,
Equipment manufacturers
accessories
and
Motors
manufacturing cos
Other industrial and
Oil
eze
buildings,
Land,
Rubber
Shipping
Miscellaneous
Refunding.
69,000
1,250,000
13,046,489
1,250,000
13,046,489
6,100,000
20,785,789
69,000
29,854,789
1,500,000
3,611,000
2,250,000
1,500,000
38,911,000
8,000,000
15,000,000
735,000
6,350,000
13,900,000
2,000,000
10,000,000
13,708,800
2,225,000
12.500,000
2,900,000
14,100,500
17,000,000
12.,,000
25,000,000
13,708,800
2,221),000
12,500,000
2,900,000
14,169,500
17,000,000
125,000
2,250.000
1,250,000
35,796,489
72,911,000
109,605,789
6,100,000
35,300,000
5,750,000
5,615,000
13,900,000
2,000,000
2,250,000
64,815,000
1,400,000
4,869,500
9,000,000
8,096,000
69,000
1,250,000
35.796,489
15,069,000
124,674,789
[Vol.. 115.
THE CHRONICLE
1474
New Capital.
Refunding.
Total.
Long Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, eze
Rubber
Shipping
Miscellaneous
$
397,848,980
305,639,539
84,560,000
$
108,223,570
119,721,161
1.750,000
$
506,072,550
425,360,700
86,310,000
11,650,000
118,535,881
43,149,300
95.389,000
3,600,000
19,110,000
115,181,335
2,500,000
56,464,119
108,220,700
8,530,000
26,200.000
1,500,000
14,568,865
14,150.000
175,000,000
151,370,000
103,919,000
29,800,000
20,610,000
129,750,200
Total
Short Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
1,194,664,035
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
103,451,000
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
303,418,782
40,591,625
441,130.380
424,899,059
116.900,450
4,005,000
39,875,000
163,714,883
115,389,710
103,579,000
7,775,000
19,325.000
164,959,335
111,223,570
166,050,786
1,750,000
1,393,000
2,500,000
81.384,119
118,200,700
8,530,000
28,200,000
1,500,000
14,568,885
552,353,950
590,94.,845
118,650,450
5,399,000
42,375,000
225,079,002
231,570,410
112,109,000
33,975,000
20,825,000
179,528,200
Total corporate securities
1920.
1921.
1922.
Eight Months Ended Aug. 31-
New Capital.
Refunding.
Total.
New Capital.
Refunding.
i
3
i
S
117,445,420 292,018,580 409,484,000 259,622,500
85,820,500
40,709,500 244.184,000
203,474,500
28,316,000
29,227,000
10,537,000
18,690,000
16,610,000
6,195,000
6,195,000
2,675,000
15,700,000
800,000
15,100,000
67,195,245
14,569,400 143,971,700
129,402,300
19,220,000
28,000,000 167.150,000
139,150,000
62,219,000
20,710,000
650,000
20,060,000
20,100,000
67,500,000
67,500,000
7,026,000
6,285,000
3,950,000
2,335,000
94,150,000 131,606,000
5,489,000
85,661,000
$
24,000.000
4,259,000
12,394,000
Total.
$
283,622,500
90,079,500
40,710,000
16,610,000
2,675,000
20,369,755
87,565,000
19,220,000
33,000
62,252,000
20,100,000
7,026,000
8,834,000 140,440,000
447,875,415 1,642,342,450
505,013,220
399,523,480 1,204,536,700
700,410,245
69,889,755
770,300,000
35,351,800
38,256,000
404,200
3,300,000
38,245,000
44,000,000
225,000
3,200,000
8,250,000
48,700,000
3,845,000
1,500,000
80,274,248
21,500,000
179,065,500
12,035,000
6,081,000
8,550,000
73,359,000
129 512,000
3 5,000
3,9
30,400,000
6,385,000
10,925,000
16,700.000
500,000
30,400.000
1,135,000
16,700,000
500,000
30,400,000
1,135,000
3,300,000
21,622,000
44,000,000
225,000
3,200,000
7,515,000
46,200,000
3.845,000
215,000
3,500,000
215,000
3,500,000
275,000
9,842,166
400,000
275,000
10,242,166
20,000,000
98,791,252
12,035,000
6,081,000
8,550,000
70,353,000
128,262,000
2,685,000
30,400,000
6.385,000
10,925,000
126,462,000
140,024,166
20,258,000
160,282,166
394,473,252
87,274,248
481,747,500
102,986,990
8,678,225
5,394,250
13,570,650
12,678,883
50,000
3,410,500
35,631,540
43,839,680
600,000
115,745,245
346,309,999
232,213,502
11,516,047
49,238,600
15,853,500
79,869,385
930,817,498
32,351.800
18,245,000
404,200
10,929,600
101,014,520
31.936,250
4,006,000
11,525,000
44,679,002
41,820,410
7,055,000
4,175,000
3,000,000
20,011.000
23,011,000
26,318,625
1,393,000
4,900.000
7,980,000
48,278,000
1 Aill A22 R17
10,929,600
127,333,145
31,936,250
5,399,000
11,525,000
49,579,002
49,800,410
7,055,000
4,175,000
16,623,000
735,000
2,500,000
3,000,000
1,250,000
1,250,000
2,582,000
21,661.400
81,300,000
1,510,000
525,600
2,582,000
22,187,000
81,300,000
1,510,000
46,278,000
7,887,500
250,000
8,137,500
30,237,290
43,839,680
600,000
102,174,595
333,631,116
232,163,502
11,516,047
49,163,600
15,853,500
78,458,885
344,010,407
226,606,115
775.600
227,381,715
895,638,215
35,179,283
120,745,420
328,083,490
71,368,225
6,420,000
20,882,000
158,578,700
266,650,000
25,415,000
67,500,000
2,610,000
103,390,666
292,018,580
57,332,500
10,537,000
412,764,000
385,415,990
81,905,225
6,420.000
21,482,000
174,408,700
297,150,000
26,065.000
67,500,000
6,560,000
112,529,666
279,622,500
214,849,042
84.190,680
23,291,000
113,399,695
471,184,361
379,645,502
78,420.047
99,663,600
29,284,500
218,989,885
25,500,000
89.927,498
12,394,000
102,985,990
8,678,225
all 921 nAn a 119 aim 1.7 1 171 R4R 5111
600,000
15,830,000
30,500,000
650,000
3,950,000
9,139,000
.710
man ac7r nen 1 Kos.onn.eau 1.Ann.KO1.
75,000
305,122,500
304,776,540
96,584,680
23,291,000
13,570,650 126,970,245
36,048,638 507,233,999
1,300.000 380,94.5,502
77,703,047
1,283,000
99,738,600
75,000
29,264,500
12,244,500 231,234,385
nno
inn 0.4.2 00,2010000A
.
.
.
DETAILS OF NEW CAPITAL FLOTATIONS DURING AUGUST 1922.
LONG TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Price.
Railroads3,926,000 New equipment
To Yield
About.
Company and Issue and by Whom Offered.
Boston & Maine RR. Co. Equip. Tr. 65, 1923-35. Offered by The Equitable Trust Co., Paine,
Webber & Co., West & Co. and E. Lowlier Stokes & Co.
Com5-5X Seaboard Air Line Ry. Co. Equip. Tr. Os, 1923-35. Offered by Freeman & Co., N. Y., and
mercial Trust Co. and Stroud & Co., Inc., Philadelphia.
3X-5U
952.900 New equipment
4,878,900
Public Utilities115,000 Corporate purposes
500,000 New equipment
725,000
456,500
120,000
3,322,000
600,000
400,000
650,000
2,150,000
165,000
250,000
1,500,000
487,000
Co., Omaha, Neb.
6.60 Central Mutual Tel. Co. of Iowa 1st Mtge.6348, 1942. Offered by U. S. Trust
by Halsey, Stuart &
53i-63( Chicago North Shore & Milwaukee RR. Equip. Tr. 6s, 1923-32. Offered
Co. and National City Co.
Offered by Halsey, Sutart & Co.
5M-6ti Cincinnati Traction Co. Equip. Tr. 68 "II-1." 1923-32.8s,
New equipment
1942. Offered by Halsey, Stuart & Co.
6.45 East St. Louis & Interurban Water Co. 1st Mtge.dr Ref.Offered
95
Corporate requirements
by Chicago Trust Co., Chicago.
6.50 The Illinois Telephone Co. 1st Ref. Mtge. 6345. 1947.
Refunding, improvements, &c__ _ _ 100
by Dillon, Read & Co.
Offered
1948.
58,
Mtge.
1st
Co.
Service
General
5.75
Indiana
90
Improvements
dr Savings Bank, Chicago.
Trust
Harris
by
Offered
1937.
On.
Mtge.
6.25 Iowa Falls Elec. Co. 1st
Refunding, other corp. purposes_ _ 9734
Co. 1st Mtge. 5s, 1946. Offered by Arthur Perry dr Co., Boston.
Extensions, improvements, &c_ _ Price on application Iowa Light Heat & Pr.
Offered by Battles & Co., Philadelphia.
1947.
"A,"
75,
Mtge.
1st
Co.
Pr.
Lawrence
7.30 Lower St.
97
General corporate purposes
Tr. 68 "F," 1923-32. Offered by Dillon, Read & Co.
5.00-6.00 Philadelphia Rapid Transit Co. Equip.
New equipment
630, 1942. Offered by United States
6.50 Platte Valley Tel. Co. (Scottsbluff, Neb.) 1st Mtge.
100
Refunding; additions
Neb.
Trust Co., Omaha,
Electric Light & Power Co. 1st Mtge. 5s "A," 1947. Offered by Estabrook
(Mass.)
Quincy
privately
additions_
Placed
debt:
current
Retire
dr Co., Boston.
Co. 1st & Ref. Mtge. 5s "B," 1947. Offered by 13lyth,
6.00 San Diego Consolidated Gas & Electric
87
Capital expenditures
Witter & Co. and H. M. Byllesby dr Co. Offered by Dillon, Read & Co.
1941.
58,
Mtge.
1st
Co.
Electric
5.70
92
Wheeling
Extensions & improvements
98.90
11,440,500
Iron, Steel, Coal, Copper, Sec.
_ 100
300.000 Additions; retire current debt
99
1,200,000 Corporate requirements
1,500,000
Motors & Accessories_ 100
1,000,000 Retire current debt; wkg. capital_
Other Industrial & mfg.
100
500.000 Additional facilities
2,100,000 Refunding; new mill
4,000,000 Refunding; acquisition
_
3,500.000 Retire current debt; wkg. capital_
&c_ _
add'ns,
debt,
current
2,000,000 Reduce
3,000.000 Refunding working capital
1.500,000 Acquisitions
100
9534
100
95.55
98 tf,
100
16,600,000
Land, Buildings, &c.
77,000 Finance construction of building_ __
1,600,000 Finance construction of building_
400,000 Finance construction of building_
_
1,600,090 Finance construction of building_ _
building_
1,200,000 Finance construction of building_
_
of
construction
150,000 Finance
100
100
100
100
100
100
225,000 Refunding; Improvements
100
850,000 Real estate mortgage
bldg_ 100
2,000,000 Finance construction of hotel
8,102,000
Rubber_
7,000,000 Refunding; other corp. purposes_
ShippingCo_
1,000,000 Acquisition stk. of Valley S.S.
.Miscellaneous600,000 Additions, betterments. &c
1,250,000
10,000,000
600,000
9,000,000
600,000
550,000
22,600 000
90%
7.00 Coatesville (Pa.) Boiler Works 1st (closed) Mtge. 7s, 1942. Offered by Harvey Fisk dr Sons, N. Y.
6.00 Globe Steel Tubes Co. 1st Mtge. 65, 1937. Offered by First Trust dr Savings Bank and Stevenson
Bros. dr Perry, Chicago.
7.00 Gray & Davis,Inc. 1st Mtge.Cony.7s, 1932. Offered by Tucker, Anthony & Co.and Redmond dr Co.
Mtge. 7s, 1025_35. Offered by Hyney, Emerson & Co.,
7.00 Filer Fibre Co. (Filer City, Mich.) 1st
& Reales, Grand Rapids.
Chicago and Howe, Snow, Corrigan
7.00 Fort William Paper Co. 1st Mtge.7s, 1925-37. Offered by Peabody, Houghteling dr Co., Inc., Chic.
Offered by Lee, Ifigginson & Co.
6.30 General Refractories Co. 1st Mtge. Os "A," 1952.
7.00 Holly Sugar Corp. 1st Mtge. 7s, 1937. Offered by Mercantile Securities Co. and Bond dr Goodwin
A.."
.o
n7 s.c
n Francisco.
1 am
Tmuiclkuer Inc.,
7.Offered by Geo. H. Burr & Co., Hambleton & Co. and
1st Mtge.
7.50 Mart
Mills,'Inc.el93
Peabody, Hougbleling & Co., Inc.
Read & Co.
7.20 The Newport co. 1st Mtge. 7s, 1932. Offered by Dillon,
Offered by Otis de Co., Wheat, Williams dr Co., Inc.,
7.50 Rosemary mfg. Co. Secured 734s, 1937.Baltimore,
and Tucker, Anthony & Co., N. Y.
Richmond, Va; Stein Bros. & Boyce,
1924-30. Offered by The Straus Bros. Co., Chicago.
7.00 Albert Apt. Bldg. (Chicago) 1st Mtge. 75,
634s, 1925-37. Offered by S. W. Straus & Co.
6.50 Allerton Thirty-eighth Street Co. 1st Mtge.
Leasehold 7s, 1920-31. Offered by the Tillotson
7.00 Bolton Square Impt. Co., Cleveland, 1st Mtge.
Cleveland.
& Wolcott Co.,
Mtge.
1st
Mo.)
6345, 1925-42. Offered by S. W.Straus & Co.
City,
6.50 Continental Bldt. Co.(Kansas
6345, 1923-39. Offered by S. W. Straus & Co.
6.50 Dexter Horton Estate (Seattle, Wash.) 1st Mtge. 1921-37. Offered by G. L. Miller Bond &
8s,
Mtge.
1st
Fla.)
(Miami,
8.00 Miramar Hotel Bldg.
Mtge Co. Miami, Fla.
Offered by Hunter, Dulin & Co.,Los Angeles.
6.90-6 2-3 (J.G.)Rucale Properties,Inc.. 1st Mtge.6%8,1928-36.
1924-42. Offered by S. W.Straus & Co.
6.50 Telephone Square Bldg. of Chicago 1st Mtge. 634s,
Mtge. 6s, 1937. Offered by Graham, Parsons
6.00 Wardman Park Hotel, Inc. (Wash,. D. C.) 1st
& Co., Philadelphia.
5.72 United States Rubber Co. 1st & Ref. Mtge. 5s A, 1947. Offered by Kuhn, Loeb & Co.
6.50 Becker S. S. Co. 1st Mtge.614s, 1932. Offered by Cleveland Trust Co., Richards, Parish & Lamson,
100
and Otis & Co.. Cleveland.
7.00 Arrowhead Lake Co. 1st Mtge. 7s A, 1924-29. Offered by California Co., Bayly Bros., District
100
Bond Co. and M. H. Lewis & Co.
by Baker, Fentress dr Co., Chicago.
6.50 Carlisle-Pennell Lumber Co. 1st Mtge.630, 1924-35. Offered
100
Corporate purposes
7.50 Eastern Cuba Sugar Corp. Mtge, 7348, 1937. Offered to stockholders of Cuba Cane Sugar Corp'
100
Corp.
and Hayden, Stone & Co.
Securities
Chase
Refunding
Co.,
&
Seligman
W.
&
J.
underwritten by
6.50 Laguna Land & Water Co. 1st Mtge.634s, 1932. Offered by Banks, Huntley & Co., Los Angeles
1942. Offered by Halsey, Stuart & Co.. Geo. H.
Working capital; corporate purP's 100
A,
(Is
Mtge.
1st
Co.
Lumber
6.35
The
Bell
Long
96
Retire current debt; wkg. capital
Burr & co., Lacey Securities Co., Chicago, and Hibernia Securities Co., Inc., New Orleans.
To yield 8.50 North Bay Farms Co. let Mtge. 6s, 1027-46. Offered by Blyth, Witter & Co.
Additional capital
Santee
Timber Corp. Coll. Tr.& Mtge.6348, 1923-29. Offered by Seaboard Nat. Bank, Norflk,Va.
9934
General corporate purposes
T-FrE CHRONICLE
SEPT. 30 19221
1475
SHORT TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Price.
To Yield
About.
Offered by
Public Utilities-2,000,000 Acquisitions; corporate purposes__
99
6.500,000 Refunding; other corp. purposes_ _
150,000 Retire current debt
98
100
7.39 Central Indiana Pr. Co. 3-Yr. Coll. 7s, 1925. Offered by A. B. Leach & Co., Inc.,
and Paine,
Webber dr Co.
65,1 Toledo Trac., Lt. & Pr. Co. 3-Yr. 6s, 1925. Offered by Harris, Forbes & Co. and Nat.
City Co.
7.00 Weber Electric Power Co. (Ellsworth, Kan.) 2-Year let Lien Coll. Tr. Cony. 75, 1924.
Offered
by Guaranty Trust Co., Kansas City, Mo.
100
7.00 Abitibi Lands & Forests, Ltd., 1st Mtge. 75, 1927. Offered by Peabody, Houghteling
& Co., Chic,
8,650,000
Land, Buildings, &c.
200,000 Finance construction of bldg
STOC KS.
Par or
No.ofShares
a Amount
Price. To Yield
Involved. Per Share. About.
Purpose of Issue.
Public Utilities—
5
1,144,800 Additions and extensions
1,000,000 Capital expenditures
3,000,000 Acquisitions; retire fitg. debt, &c._
1,602,720 140
1,000,000 95
3,000,000 90
7%
7,.4
Company and Issue, and by Fhom Offered.
New Bedford Gas & Edison Light Co. Capital stock. Offered by co. to
stockholders.
New York Steam Corp. 7% Cum. A Pfd. Offered by Bainbridge & Ryan,
N. Y.
Tennessee Electric Pr. Co. 7% Cum. 1st Pfd. Offered by Bonbright & Co.
5,602,720
Iron, Steel, Coal, Copper, &c.
650,000 New plant
*50,000811's. Increased production
*330,000shs Additions; working capital
650,000 100
600,000 12
3,630,000 11
8.00 Empire Fuel Products Corp. 8% Cum. Pfd. Offered by .1. W. Bell &
Mesabi Iron Co. Common. Offered by Shonnard Sc Co., New York. Co., N. Y.
The Otis Steel Co. Common. Offered by company to stockholders;
underwritten.
4,880,000
Equipment Manufacturers—
*58,000 she. (approx.)Addltions, &c
Other Industrial & mfg.—
*32,000 she. Additional capital
4,080,000 1273'
200,000 Retire bank loans; expansion_ ___}
*20,000 shs.
*57,000 she. Acq. corp. of same name
600,000 100
20
570,000 10
2,899,000
50
Lima Locomotive Works Common. Offered by co. to stockholders;
underwritten.
Atlas Powder Co.(Wilmington,Del.) Common. Offered by company to
stockholders;
underwritten by Gillespie, Meeds & Co. and Laird & Co.
7.00 Excelsior Shoe Co. 7% Cum. Pfd. Offered by Westheimer & Co., CInti.
Common. Offered by Westheimer & Co., Cincinnati.
(Walter M.) Lowney Co. Capital Stock. Offered to stockholders of old co.; underwritten.
66
64
44
5,250,000
Oil—
*139,000shs Pay off bank loans
1,663,000
Land, Buildings, &c.—
900,000 Finance construction of bldg
Shell Union Oil Corp. Common. Offered to stockholders of UnionOil Co.ofDelaware
underwritten.
900,000 100
45,000 Finance construction of bldg
Miscellaneous—
12,000,000 Succeed co. of same name
12
6.30 Indianapolis Athletic Club Realty Co. 1st 6M % Pfd., due 1925-33. Offered
by
City Trust Co., Fletcher-American Co., Breed, Elliott & Harrison, Peoples State
Bank, Becker Sc Overman and Jewett & C3., Indianapolis.
6.50 Madison Avenue Realty Co. 1st 63i% NI. Off;Tad by Breed, Elliott & Harrison,
Chic.
45,000 100
945,000
12,000,000 102
6,000,000 Expansion
2,500,000 General corporate purposes
6.86 Gimbel Brothers 7% Cum. Pfd. Offered by Goldman, Sachs & Co. and Lehman Bros.,
New York.
6.76 R. H. Macy & Co., Inc. 7% Cum. Pfd. Offered by Lehman Bros., New York.
7.00 Philipsborn's, Inc. (Chicago), 7% Cum. Pfd. Offered by Dillos, Read & Co. and
A. G.113ecker & Co.
6,000,000 1031i
2,500,000 100
20,500,000
FARM LOAN ISSUES.
Amount.
Issue.
3,000,000 Chicago Joint Stock Land Bank 5% Farm
Loan Bonds, 1952
2,000,000 First Carolinas Joint Stock Land Bank 5%
Farm Loan Bonds, 1952
1,000,000 Kentucky Joint Stock Land Bank 5%
Farm Loan Bonds, 1952
500,000 Minneapolis Trust Joint Stock Land Bank
5% Farm Loan Bonds, 1952
2,000,000 Pacific Coast Joint Stock Land Bank 5%
Farm Loan Bonds, 1952
8.500,000
To Yield
About.
Price.
Offered by
4.60 Kissel, Kinnlcutt & Co.
1031
,6
4.66 Hayden, Stone & Co., Redmond & Co. and Watkins
& Co.
4.60 Halsey, Stuart & Co., Inc., Wm,R. Compton Co., Harris,
Forbes & Co., Security Trust
Co., Lexington, Ky.; and J. J. B. Millard & Co., Louisville.
4.62 Minneapolis Trust Co.
102;
103
103
10331
•
4.60 Mercantile Securities Co., San Francisco; First Securities Co., Security
Trust & Savings
Bank, Los Angeles; Security Says. & Tr. Co., Portland, Ore.; Deseret
Nat. Bank,
and City Utah State Bank, Salt Lake City,
Copper
Nat.
Walker Bros.,
and
Bank
Salt Lake City.
*Shares of no par value.
a Preferred stocks are taken at par, while in the case of Common stocks the amount is based on
the offering price.
Ctrreld 2gUell1fi and
gis.cits.sions
ANNUAL CONVENTION OF AMERICAN BANKERS'
ASSOCIATION.
On Monday next the American Bankers' Association will
begin itsf orty-eighth annual convention in this city at the
Hotel Commodore. A special ship, special trains and
special cars started this week from all parts of the country,
converging on New York with State and city groups of bankers bound for the convention which opens on Monday,
Oct. 2. The special ship brings Texans to the convention.
From that State about seventy-five bankers will attend the
meeting, and sixty-five of them are making the trip from
New Orleans by the sea route, touching at Havana and points
in the Bahama Islands. William Philpott, Jr., Secretary
of the Texa: Bankers' Association, is in charge of the party.
Los Angeles, San Francisco and other California bankers,
about a hundred in number, will come across the continent
in special parties. The indications are that the California
delegation this year will be the largest that ever has attended
a similar convention other than those that have been held
on the Pacific Coast itself.
The special trains of the delegates from Oklahoma and
Arkansas planned to stop at St. Louis, where they were to
be entertained by the local bankers under the Chairmanship
of John G. Lonsdale, President of the National Bank of
Commerce in St. Louis. Two special cars come from
Milwaukee with over forty Wisconsin bankers, headed by
John H. Puelicher, First Vice-President of the American
Bankers' Association. They were to join the Oklahoma
bankers at Chicago and go to Niagara Falls, and to Buffalo
to be the guests of local bankers for a day, then visit the
Thousand Islands And complete the trip to New York from
Albany by the Hudson River day boat. Special coaches,
which will form part of the "Wolverine" Michigan Central,
will bring the Michigan bankers to their convention headquarters in New York at the Hotel Biltmore. The Indiana
Bankers' Association chartered a special car, and a special
car was also chartered to bring a large number of Toledo
bankers to the convention. More than 150 Nebraska and
Iowa bankers will come in a joint special.
In our issues of Sept. 9 (page 1178) and last Saturday
(page 1397) details of the programs which are to be presented
at the convention of the general sessions and the various
section meetings were given. The general sessions are to
be held on Tuesday, Wednesday and Thursday. At Tuesday's session there will be an address by Thomas W.Lamont
of J. P. Morgan & Co. on "The American Bankers' Responsibility To-day"; and Dr. George E. Vincent of the Rockefeller Foundation will speak on "Public Health Assets."
On Wednesday F. I. Kent of the Bankers Trust Co. of this
city will treat of "Industrial and Trade Conditions," and
Reginald McKenna of the London Joint City & Midland
Bank, Ltd., and formerly Chancellor of the British Exchequer, will discuss "Reparations and International Debts."
There is also scheduled for Wednesday a forum on the
1476
THE CHRONICLE
question: "Shall national banks be prevented from establishing branches within their home cities where this privilege
is exercised by State banks?" On Thursday Governor
Henry J. Allen of Kansas will speak on "The Responsibility
of Government for Industrial Justice," and Herbert Hoover,
Secretary of Commerce, will likewise address the bankers
on Thursday. The Clearing House Section and the State
Bank Division will meet on Monday, the former in the
morning and the latter in the afternoon. The Savings Bank
Division and the State Secretaries Section will hold their
sessions on Tuesday; the National Bank Division will meet
Wednesday afternoon; in the case of the Trust Company
Division there will be meetings of the Executive Committee
on Monday at 9:30 a. m. and 2:30 p. m.; at 7:30 p. m. the
same day there will be a Community Trust Conference;
at 9:30 a. m. on Tuesday the report of the division will be
presented, while the various addresses (as we indicated last
week) will be delivered at Thursday's session beginning
at 2:30 p. m.
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Gains of over $15,000,000 in gold, and of $13,300,000 in
total cash reserves, accompanied by a reduction of $13,700,000 in deposit liabilities and an increase of $24,600,000 in
Federal Reserve note circulation, are shown in the Federal
Reserve Board's weekly bank statement issued as at close
of business on Sept. 27 1922, and which deals with the
results for the twelve Federal Reserve banks combined.
Discounted bills on hand show a decrease of $3,700,000,
acceptances purchased in open market went up $17,800,000
and Government security holdings $12,500,000. The
reserve ratio shows a small rise from 78.3 to 78.4%. After
noting these facts the Federal Reserve Board proceeds as
follows:
d
rvoL. 115.
counts by $14,000,000. Member banks in New York City
report a total increase in loans of $43,000,000, of which
$39,000,000 represents an increase in loans against corporate
stocks and bonds. Their holdings of Treasury certificates,
apparently because of the large demand for the newly issued
of
4% certificates by ultimate investors, show a reduction
33
$3,000,000, together with a nominal decline in other Govern
their
in
00
,000,0
of
ion
ment securities and a reduct
investholdings of corporate securities. Total loans and
0,000
$64,00
given
are
tions
ing
institu
report
the
ments of
York
larger than the week before, member banks in New
City reporting about one-half of the increase.
other
Government deposits declined about $10,000,000,
cusdemand deposits (net), following the payment of
of
awals
withdr
tial
substan
and
tax
checks
income
'
tomers
o
Chicag
and
York
New
from
funds by county banks, mainly
depositaries, show a reduction of 4,000,000, while time
deposits show an increase for the week of $11,000,000.
For member banks in New York City reductions of $12,000,000 in Government deposits, of $6,000,000 in demand deposits and of $1,000,000 in time deposits are noted.
Borrowings of the reporting banks from the Federal
Reserve banks increased from $121,000,000 to $164,000,000,
or from 0.8% to 1.1% of their total loans and investments.
New York City banks show an increase of borrowings from
the local Reserve Bank from $20,000,000 to $26,000,000, or
from 0.4% to 0.6% of the banks' aggregate loans and
investments. •
Reserve balances of the reporting banks, notwithstanding
l
the considerable increase in borrowings at the Federa
Reserve banks, declined by $24,000,000, and cash in vault
fell off ,000,000. New York City banks report a reduction
in
of $33,000,000 in reserve balances and a nominal decline
page
on
is,
that
page—
uent
subseq
a
On
hand.
on
cash
1511—we give the figures in full contained in this latest
weekly return of the member banks of the Reserve System.
of the changes in
In the following is furnished a summary
and a year ago:
the principal items as compared with a week
Apart from the substantial gain by the system of outside, partly importe
the
gold, the statement indicates considerable shifting of gold through
settlement fund. Increases in gold reserves are reported by all Federal
Reserve banks, except those of Chicago, Philadelphia, Minneapolis and
San Francisco. Cleveland reports the largest increase of gold reserves for
the week, viz., by 311,800,000, followed by New York. Richmond and
St. Louis, with increases of $7,200,000. $4,700,000 and $4,500,000, respectively. Smaller Increases aggregating $4,400,000 are shown for the Boston,
l
Atlanta, Kansas City and Dallas banks. Gold reserves of all the reserve Loans and discounts—tota
Secured by U. S. Govt. obligations
banks reached the high record total of $3,076,900.000, an increase of
Secured by stocks and bonds
$201,900,000 since Jan. 1 of the present year.
All other
Holdings of paper secured by Government obligations show an increase
for the week from $133,000,000 to $139,100,000. Of the total held, Investments, total
bonds,
S.
U.
and
other
by
Liberty
U. S. bonds
$109,900,000, or 79%, were secured
Victory notes
$3,700,000, or 2.7%, by Victory notes, $19.300,000, or 13.9%, by Treasury
U. S. Treasury notes
notes and $6,200,000, or 4.4%, by Treasury certificates, compared with
Treasury certificates
$105,300,000, $4,500,000, 516.300,000 and $6,900,000 reported the week
Other stocks and bonds
before.
Reserve balances with F. R. banks
The statement in full in comparison with preceding weeks Cash
hi,vault
and with the corresponding date last year will be found on Government deposits
sumA
and
1510
pages
1511.
,
Net demand deposits
subsequent pages, namely
Time deposits
and
the
of
al
ies
assets
princip
liabilit
the
in
s
change
of
mary
Total accommodation at F. R. banks
Increase (+) or Decrease (—)
Since
Sept. 21 1921.
ISept. 13 1922.
+544,000,000 —$605,000,000
—327,000,000
+2,000,000
+577,000,000
+28,000,000
—855,000,000
+14,000,000
+20,000,000 +1,101.000,000
+511,000,000
—1,000,000
—127,000,000
—6,000,000
+466,000.000
—5,000,000
+11,000,000
+37,000,000
+240,000,000
—5,000,000
0,000
+150,00
,000
—24,000
—18,000,000
—8,000,000
—401,000,000
—10,000,000
—84,000,000 +1,228,000,000
+660,000,000
+11,000,000
—697,000,000
+43,000.000
Reserve banks on Sept. 27 1922, as compared with a week
BURTON ON CONFUSION AND
and a year ago follows:
ince
Increase (+)sor
Decrease (—)• REPRESENTATIVE
UST WHICH CANCELLATION OF ALLIED
DISTR
Sept. 20 1922. Sept. 28 1921.
DEBTS WOULD CREATE.
+513,300,000 +5324,400,000
Total reserves
ve
Theodore E. Burton speaking in London
0,000
entati
Repres
+351,00
00
+15,100.0
Gold reserves
—556,300,000
+26,600,000
the subject of the Allied debts, declared
on
inst.
assets
27th
the
earning
'Total
—3,700,000 —982,700,000 on
Discounted bills, total
or
repudiation of debts would create not
lation
"cancel
—351,800,000 that
obligations__ _ _ +6,100,000
Secured by U. S. Govt.
0,000 merely confusion and distrust in the financial world, but,
—630,90
000
—9,800,
ed
discount
Other bills
+199,200,000
+17.800,000
is quite as dangerous, would seriously impair its future
-Purchased bills
+12.500,000
+227,200,000 which
total
is a member of the
United States securities,
+192,700,000 development." While Mr. Burton
+15,600,000
Bonds and notes
—1,500,000 —124,900,000 United States World War Foreign Debt Commission, he
tes
certifica
Pittman
+159,400,000
—1,603.000
that he was speaking in an individual capacity
Other Treasury certificates
+122,700,000 made plain
—13,700,000
ed as follows by
Total deposits
+23,000,000
+162,400,000 and not officially. His remarks are report
Members' reserve deposits
—37,300.000 Associated Press London cabelgrams, which include also
100,000
.
—37
deposits
Government
+400,000
—2,400,000
by the London "Times:"
Other deposits
+24,600,000
—213,800,000 comments
circulation
is to require payment
Federal Reserve notes in
circulation, net liability_
F.R.bank notes in
—800,000
—55.300,000
THE MEMBER BANKS OF THE
WEEKLY RETURN OF RESERVE SYSTEM.
FEDERAL
$44,000,000 in loans and discounts
Further increase of
Treasury certificates, following the
in
and of $37,000,000
$227,000,000 of one-year tax cerof
15
Sept.
on
ent
allotm
ion of $12,000,000 in other
reduct
a
t
agains
tificates, as
,000 in corporate secur$5,000
of
and
Government securities
l Reserve Board's weekly conFedera
the
in
shown
ities, are
condition on Sept. 20 of 790 member
solidated statement of
should be noted that the figures
banks in leading cities. It always a week behind those for
are
banks
r
membe
of these
themselves.
the Reserve Banks
show larger figures than the week
loans
of
classes
All
by Government obligations by
d
secure
before: Loans
corporate obligations by $28,d
$2,000,000, loans secure by commercial, loans and dis000,000, and other, largely
United States
The d!sposition of the people of the
E.
debts owing to America Representative Theodore
of the Inter-Allied
at a luncheon given by the American
y
yesterda
Burton declared in an address
Chamber of Commerce.
zed that he was speaking as an individual and
Mr. Burton, who emphasi
n Debt Funding Commission or of Congress,
America
the
of
member
a
not as
had contributed toward arrival at this conclusaid three considerations
sion.
international credit and especially debts beFirst, was the feeling that
degree of sanction—I might say, of sacredcertain
a
"have
nations
tween
the importance of credit to the modern financial
"No one can exaggerate continued. "Credit bridges the chasm between
and industrial world." he sing beginnings and the development of helpful
early and sometimes unpromi repudiation of debts would create not merely
enterprise. Cancellation or
financial world, but, which is quite as dangerconfusion and distrust in the
its future development.
ous, would seriously impair
especial weight upon such a country as Eng"The result would rest with
English currency and English obligations have
land, wher for centuries past
stability and assured payment. Common fairbeen the very synonyms for
meeting her obligations should create no
ness dictates that this record for
discrimination to her disadvantage."
loaned to the foreign counThe second consideration was that the amount
d by loans obtained from the people
tries by the United States were provide
SEPT. 30 1922.1
THE CHRONICLE
and with no small degree of difficulty. The advances were not from an
overflowing revenue, but were made possible by the action of the United
States in becoming a borrower alike with these debtors and at the same time.
The burden of taxation in America. he declared, was quite as heavy if not
heavier than that in the European countries whose obligations were held by
the United States.
In case of cancellation of these debts, he asked, what assurance was there
that the resources which otherwise would be applied upon the debt payments
might not be utilized for the expansion of military and naval establishments,
and thus create an ever-present threat of future conflict and destruction?
The third consideration he outlined as follows:
"A very considerable fraction of the advances made were after the
actual close of the war, and were for rehabilitation and the creation of
new enterprises rather than for the prosecution of war in a time of great
emergency.
"It must be said that at the time these loans were made the legislation
authorizing them and popular expectation both alike contemplated payment. In the war itself the United States was not subjected to the same
surpassing dangers as her Allies, and in peace she sought no acquisition
of territory. Large indemnities were not expected by her.
"I cannot too strongly emphasize the fact that the only effective means
for payments of the debts and healing of the economic life of the nations
must depend upon progressing disarmament and the maintenance of peace."
Mr. Burton dwelt upon the traditional aloofness of the United States
from European affairs, which,he said,explained the caution ofthe American
people in regard to entering the League of Nations. America, however,
would lend the utmost support in a movement for the establishment of a
sort of United States of Europe.
Tne "Times" this morning devotes its leading editorial, which is captioned "Through American Eyes," to an expression of warm appreciation
of the speech. The "Times"commends it to the attention of the European
debtors of the United States, seeing that Mr. Burton is "one of those
thoroughly American Americans from beyond the Alleghenies who know
Europe, particularly England. almost as well as the United States."
There is distinct danger, "The Times" asserts, that European opinion
may be unjust to the people of the United States, not deliberately, but
from ignorance and lack of imagination. The newspaper urges public
men and publicists of Europe to endeavor to understand America's own
position and problems, thereby cultivating the good-will essential to
true comprehension. The practical question for European and American
statesmanship, "The Times" declares, is to evolve a working compromise from both standpoints.
"There are only two ways of removing the debt question from its present
position as an irritant in the relations of Europe and America, and particularly Great Britain and the United States," says the editorial. "One
is for the European Allies quickly to.agree upon a sound, far-sighted plan
for the extinction of European indebtedness, concurrently with a reduction
of the German reparations debt to manageable proportions, if possible,
on a business basis. The other is for this coutry frankly to recognize
its indebtedness to America and arrange to pay it off in such time and by
such means as the American Funding Commission may agree to hold
Just and feasible.
MEETING IN WASHINGTON OF WORLD WAR FOREIGN DEBT COMMISSION—BRITISH DELEGATION
COMING—BELGIUM'S CONFERENCE ON
ALLIED DEBTS.
A meeting of the World War Foreign Debt Commission
was held at Washington yesterday (Sept. 29), Secretary of
the Treasury Mellon issuing the following statement regarding the conference:
The World War Foreign Debt Commission held a meeting to-day in the
Treasury Department. Certain information which had been received since
the last meeting was considered, also communications made to the commission by some of the debtor countries.
The meeting discussed informally the form which its report to Congress
should take, which rep ert, according to the law, must be issued as part of
tne annual report of the Secretary of the Treasury. There is no announcement to make as to this report which does not finally go to press until Nov.
15. Certain data will, however, be prepared to be considered by the
commission at its next meeting as being appropriate for publication. In
the opinion of the American members of the Foreign Debt Commission,
developments in the Near East will not proven.; Great Britain from paying
an installment of $50,000,000 interest on the debt owed to the United
States. Senator Smoot, a member of the commission and a caller at the
White House to-day, declared he felt Great Britain would be able to make
the payment and indicated that country already had $50,000,000 in gold,
in deposit in the United States.
1477
$35,000,000, respectively, while the Debt Commission is authorized by
Congress to fund foreign obligations with interest at not less than 4,(%.
At the lesser rate Great Britain would owe about $57,700,000 on interest
in October and about $28.800,000 in November. so that it was considered
likely that some arrangements would be made by which England might get
a rebate if interest payments are made at 5%, or might begin its interest
payments at the lesser rate.
Later advices from Washington (Sept. 21) stated:
Great Britain's payment of interest on her war debt to the United States,
due Oct. 15, will amount to approximately $50.000,000, according to the
belief expressed to-day by high Treasury officials.
The.° officials disclosed that the Priti,-h Government had asked the
United States if an appro•dmation of the Sg5.000.000 of interest due next
month and of the $35.000,000 of interest due Nov. 15 might be made in
October, pending arrangements for refunding the $5.000,000,000 British
debt. The British debt at present bears interest at the rate of 5%.Payable
in semi-annual installments, but as there is a probability that the funding
scheme would provide for interest at 43.f %, Treasury officials thought
though probable that the approximation would be allowed in October.
The Treasury Department at Washington was reported as
having announced on Sept. 28 that Great Britain had been
advised that payment of $50.000.000 on Oct. 15, as interest on
her war debt, would be acceptable pending an adjustment of
interest rates by the forthcoming funding negotiations. Yesterday's conference at Washington followed the return of
Secretary of State Hughes from Brazil. Relative to the
conference and the attitude of the United States toward participation in the conference on Allied debts to be called by
Belgium, the New York "Journal of Commerce" in a Washington dispatch Sept. 27 stated:
Secretary of the Treasury Mellon has called a meeting of the World War
Debt Refunding Commission for Friday morning, at which time the Americans will take preliminary steps to get ready for the British mission.
It understands that Sir Robert Horne, the Chancellor of the Exchequer,
will sail from Southampton on Oct. 18. Definite advices have not been
received, but it is confidently believed that the British Ambassador here will
have a reportfrom the Foreign Office before the American members assemble
here on Friday.
Representative Burton is expected to be the only American member who
will be absent at the next meeting. It is suggested that the British will
propose extending the date of maturity from twenty-five to fifty years
and reducing tbe interest rate to 4%. This has not reached the Commission.
No refunding could be arranged by the Commission on such a basis
without reporting back to Congress for a new authorization. However,
there is nothing which would nrevent the Commission from consenting to
a lower rate of interest during the next few years, with higher rates during
the last few years. It is believed that something on this basis will be
worked out.
Secretary of State Hughes declined to-day to discuss the likelihood of
the United States participating in the conference to be called by Belgium
for the purpose of discussing reparations, the inter-Allied debts and other
matters of an economic nature. It is understood that the Belgian Government is sounding out the various nations with a view to ascertaining their
sentiment toward such a conference.
It is known that the Belgian Government is desirous of having the
United States participate in the conference and for this reason does not
Propose to convoke a parley until after the elections in November. The
State Department will not make any comment, declining to reveal whether
or not such an invitation has thus far been received.
President Harding has indicated that the United States will not stand
aloof when it feels that the time has come when its counsel would be
helpful. However, he has not felt at liberty to state just what must
happen before the United States will be willing to take a hand in the
situation. He has made known that necessary developments have not
yet occurred. It is generally understood that the Administration's desires
to have the British debt refunded before taking any step to assist in the
economic recovery of Europe.
As to the proposed conference to be called by Belgium, it
was stated in London press advices Sept 24:
The Belgian Government considers itself morally engaged to convoke,
before the end of the year, a conference to deal with the whole problem of
inter-Allied debts and reparations, although it has received no official request either from England or France to do so, the Brussels correspondent
of the London "Times" asserts.
Belgium attaches the greatest importance to the participation of the
United States, he adds, and the conference will not be held until after the
return of Sir Robert Stevenson Horne, British Chancellor of the Exchequer,
from his American mission.
One of the members of the Commission, Representative
Theodore E. Burton, is now in Europe, and is said to have
In its reference to the proposed conferences with the
held informal discussions with financial officials of debtor
countries. On the 19th inst. it was announced that Sir Rob- World War Foreign Debt Commission by the British delegaert Stevenson Horne, the British Chancellor of the Ex- tion, the New York "Journal of Commerce" on Sept. 25 had
chequer, planned to sail for the United States on Oct. 18 to the following to Say:
The Commission has not determined when the negotiations with the other
participate in conversations respecting the funding of the
foreign countries are to be begun. Nothing has been heard from the French
British debt. The Associated Press London cablegrams of since Jean
V. Parmentier was recalled to Paris. Members of the Commission, however, have been impressed by the fact that France's military
that date said:
discuss his trip further than to say it was well
The Chancellor declined to
intended to pay her debt to the United States, and
known that Great Britain
in America would be for the purpose of
conversations
that the forthcoming
be made.
arranging how tne payments should
commission have not yet been named. A
The other members of the
British member of the ReparaBradbury,
question as to whether Sir John
those selected, elicited from official quarttion Commission, would be one of
be chosen.
ers the reply that be probably would not
On the 19th inst. press dispatches from Washington said:
Horne will leave for this
Announcement from London that Sir Robert
Treasury that separate arrangecountry Oct. 18 gave rise to the belief at the
of interest due Oct. 15
ments may be necessary to cover the installment
and that due Nov. 15.
assurances
from England
P. The Treasury is understood to have had indirect
of that country's intention to meet the interest payments falling due in the
funding
the
for
whole debt
arrangements
next two months, even though
may not be completed in that time. However.interest on the $4,075,000,would
make the semi000 British debt has been running at 5%, which
annual installments due in October and November about $65,000,000 and
budget for 1923 will be 1.071,000,000 francs less than for 1922.
It is understood tnat the negotiations with Belgium are to start when
Baron de Cartier, the Belgian Ambassador. returns from abroad. The recall of Dr. Grouitch, who was succeeded on Saturday as the Minister for
the Kingdom of the Serbs, Croats and Slovenes, is regarded here as a preiiminary to his appointment as the head of the Serb Refunding Commission. Not a word has been had from Italy as to when she intends to sand
representatives to Washington, although tne Italians were advised that the
latter part of October would be convenient to the United States. It is
believed that the Italians are desirous of awaiting the outcome of the
British and French negotiations before discussing their debt.
GERMAN DYES IN PAYMENT OF D. S. RHINE ARMY
OCCUPATION EXPENSES.
A plan whereby payment to the United States for the cost
of maintaining the American Army of Occupation on the
Rhine will be effected through dye exports from Germany
1478
THE CHRONICLE
has been evolved, according to a New York "Times" Washington dispatch Sept. 27, which says:
{Vol,. 115.
of millions dollars more of goods in this country than they buy,there would
be ahead of us a period of extreme demoralization.
"None of us. of course, want foreign nations to repudiate their debts;
the example of that upon future credit relations, national and personal,
both would be demoralizing. The initiation In the discussion should come
from the 'United States, and it would be a mark both of sound business
sagacity and a generous heart were America to assume the leadership in
seeking a basis for settlement.
"After all, there is a way of looking at this question that some of us up
to the present have missed. Our soldiers fought in a common cause, so
also did our dollars. In the months after our entrance into the war we
were not able immediately to send trained troops into the field to help our
Allies, and as a substitute we sent our dollars. These dollars were expended
to feed and equip French, Belgium, Italian and British soldiers who occupied places in the trenches that otherwise would have been occupied by
American soldiers. Foreign shelters held the line until our boys were
able to take their places; many of them were killed.
"As a starting point for negotiations, then, would it not be feasible to
suggest wiping out the debts incurred by foreign nations to maintain their
soldiers in the places that would otherwise have been occupied by American
troops? Had foreign soldiers not eccup,ed these plazes, it is conceivable
that the war would have been greatly prolonged, at a greatly increased cost
to America in lives and money.
"Roughly stated, about 60% of our war advances were for strictly war
purposes; the other 40% was for civil and other purposes and need net be
considered in the moral scale as subject to cancellation. But the 60%
represents obligations incurred to a not inconsiderable extent in our behalf.
Hence, a starting point might be made here, not alone because of international financial conditions, but also because of what it will mean in
establ!shing our place in the respect, confidence and gratitude of the
nations of the world."
A plan by which the United States can be reimbursed for the cost of the
maintenance of the American Army of Occupation on the Rhino has been
worked out by Secretary Hughes, under which the Reparation Commission,
after consultation with Allied Governments, has agreed to permit the
United States to receive its share of German dyes without money payment,
as has been the practice heretofore, the cost of these dyes to be credited
on the American bill against Germany for the Army of Occupation.
America's bill against Germany for maintenance of the Army of Occupation, according to War Department figures, amounted to $254,097,297
on April 30 1922. It is estimated that the amount due to date is about
$256,000,000, the cost having been considerably reduced with the reduction in the strength of the American Army of Occupation, but the monthly
item is still considerable.
During the Peace Conference in Paris there were subsidiary negotiations
between the United States and the Allies on theeone hand and Germany on
the other relative to the exceedingly complicated question of German dyes.
These negotiations, extending over a considerable period, were held at Spa
and it was agreed that 25% of the total German dye output should be delivered to the Allies on account of reparations. The United States was to
receive one-fifth of this, or 5% of the total German output, but since the
United States sought no reparations from Germany it was stipulated that
this Government should pay cash for any dyes received, at market prices.
Later, when the question of payment of the United States for the maintenance of its Army of Occupation on the Rhine arose, Secretary Hughes made
it plain that the United States did not propose to be left out in the cold by
any arrangement by the Reparation Commission that would interfere with
payment by Germany of the cost of the maintenance of the American forces
on the Rhine. The justice of the American contention could not be denied and the Reparation Commission finally announced that the matter
had been referred to the Allied Governments for consideration, note being
BELGIAN-GERMAN TREASURY NOTE NEGOTIATIONS
taken by the Commission of the American objection to payment of general
—FIRST PAYMENT OF 90,000,000 GOLD MARKS
Amerthe
maintaining
of
of
a
the
of
costs
in
settlement
advance
reparations
ican Army of Occupation.
BY GERMANY—BANK OF ENGLAND GUARThe State Department announced at the time that it would not be inANTEES NOTES.
by
sistent on immediate payment, but instead of leaving reimbursement
Germany until the distant future, it now appears that Secretary Hughes
The presentation by Germany to the Allied Reparations
has worked out a practical arrangement by which the United States can
Commission of notes aggregating nearly 100,000,000 gold
obtain payment without delay by taking its share, without money payment.
marks which under the recent reparations decision were
of German dyes.
Before the ratification of the treaty of peace between the United States directed to be given to Belgium in lieu of 270,000,000 marks
and Germany the understanding regarding German dyes had not received
cash, occurred on Sept. 25, the Associated Press reporting
a clear legal status. The Textile Alliance had been organized for the discablegram
tribution of German dyes in the United States. The American treaty with the delivery of the notes as follows in a Paris
Germany, however, specifically guarantees the rights of the United States Sept. 25:
with respect to the reception of German dyes and the same treaty further
The German delegation to-day delivered to the Reparations Commission
makes it possible for Congress to create a mechanism for handling such
here notes for approximately 90,000.000 gold marks in payment of the Augdyes whenever received in the United States.
September 15 allotments due to Belgium.
There has been a movement in the United States for an embargo on Ger- ust and
The payments due aggregate 100.000,000 gold marks, but there are
man dyes. The Tariff bill just enacted does not place an embargo but does
credits for merchandise, previously delivered, which will serve to suppleimpose a duty on dyes which Secretary Weeks believes will be sufficient to
be
for Congress to consider ment the present transfer.
protect the American industry. It will now
ComAn official communication issued this evening by the Reparations
making provision for setting up machinery for the distribution of such
mission shows that the exact sum delivered by Germany was 96,000,000
German dyes as may be received under the agreement just concluded with
marks
100.000,000
gold marks, the difference between this amount and the
the Reparation Commission.
dyestuffs for
due having been made up by coal deliveries and deliveries of
A.
in
Herman
Metz,
Comptroller
City
criticising the Textile Alliance. The payment was split into ten notes in accordance
Former
facilitate
with a desire expressed by the Belgian Government in order to
the plan, is reported in the New York "Times" of Sept. 29 as
saying:
discounting them.
On the same date the New York "Times" announced the
Presuming that the Administration intends to adhere to its policy of"more
advices from Paris:
business in Government and less Government in business," the announce- following copyright
handed
ment by Secretary Hughes of the plan whereby the United States will be
The German Government through its representatives to-day
reimbursed by Germany for the cost of mainterance of the American Army to the Reparation Commission two bills, one for 47,400,000 gold marks
two
installthe
of
payment
in
marks,
gold
the
of
by
its
acceptance
Rhine
proportionate share of and the other for 48.600,000
of Occupation on the
present
German reparation dyestuffs, without cash payment as heretofore,is a cause ments for reparations due Aug. 15 and Sept. 15 last under the
of more ot less anxiety to those engaged in either the manufacture or the schedule of payments and in conformity with the decision ofthe Commission
importation of colors.
of Aug. 31.
The first of these bills will fall due Feb. 15 1923, and the second March 15
The Textile Alliance, Inc., which up to a short time ago was the desigfor
the
States
Government,
United
distrihandling
and
the
nated agent for
the same year. From the total sum of 100,000,000 gold marks due there
bution of the reparation colors, was frequently able to buy at the reparation have been some reductions, but tnese are credited to the account of Germany
price, impotts into this country and sell these colors at a price lower than for payments that have been made in coal and dyestuffs.
the importer buying through regular commercial channels and could land
Each of the payments is made with five bills, eight of them being for
the colors in this country exclusive of freight rates and duties.
10,000,000 gold marks, this having been the desire of the Belgian GovernThe Secretary of State has not yet declared what method of distribution ment. All are payable in London at the Bank of England to the order of
is contemplated by the department, but there is no doubt that unless due the Belgian Finance Minister, and all the bills have been signed by the
precautions are taken to safeguard the interests of American business men Reichsbank as absolute guaeantor.
The bills will be handed to Belgium as payment of part of her priority
and these low-priced colors are permitted to flood the country, a great hardacceptance.
ship will be inflicted upon those of us who are restricted to the regular claim after the Comnilission nas to-morrow taken formal
Louis Dubois, who has been President of the Commission for the last two
channels for our supplies of dyestuffs.
handed his
he
although
years, will, it is stated, preside at this meeting,
resignation to Premier Poincaro three weeks ago. The fact that it has not
OF
T
ALLIED DEBT AND been accepted is said in official circles to be due simply to the fact that a
IMMEDIATE ADJUSTMEN
successor to him cannot easily be found. The name of Senator Jonnart,
GERMAN REPARATIONS URGED BY F. W. GEHLE.
who was till recently Ambassador to the Vatican, is new most in evidence
Immediate adjustment of the Allied debts due the United for the post, but a decision will not be made till later in the week.
States and the German reparations as an aid to the world's
Last night (Sept. 29) the New York "Evening Post"
economic stability was urged by Frederick W. Gehle, of the printed the following from Paris:
repreMerchants & Metals National Bank of New York in addressTpe Belgian Government announced to-day that German bonds,
gold marks, have been discounted in English,
ing the annual meeting of the Orange County Bankers' Asso- senting nearly 100,000.000
American, and Swiss ptivate banks, according to "Le Temps" Brussels
was
ciation at Goshen, N. Y., on Sept. 21. Mr. Gehle said:
correspondent. The names of the banks were not made public nor
are to pay one another is settled,
"Until the question of what nations
and no restoration of complete
there can be no stabilization of exchanges
the United States mare than
owe
international confidence. Tao Allies
to collect; Germany owes the
afford
can
we
they can pay and more than
can afford to collect. Attempts to
Allies more than it can pay or they
contributed to break dawn Germany's
carry out the reparation terms has
gold, credit or trade balances, Gerfinances, and now, without suficient
in the interest of general prosperity,
Allies,
the
many is in a position where
the indemnity to an amount that
ale compelled to consider adjustment of
can be paid.
the time is here for a frank
States,
"As for the Allied debts to the United
cancellation. Foreign Governments
consideration of at least a partial
States $11,700,000,000, adding unpaid
now owe the Treasury of the United
they can ever wipe out this debt is
interest to the original loans. How
not enough available gold abroad,
more than we can imagine. There is
to attempt paying with goods,
debtors
our
and were the nations which are
financial organism. We now
they would disrupt our entire industrial and
ourselves require, and depend upon
produce more food and material than we
satisfy
debts, foreign markets
to
foreign markets to take the excess. If,
were to cease buying our surplus, and should seek yearly to sell hundreds
the rate of discount.
The Belgium-Germany Treasury note negotiations, as
indicated in our issue of Sept. 9, page 1147, began at Berlin
on Sept. 6. On the 10th inst., in stating that the negotiations had failed, the Associated Press (Berlin advices) said:
with representatives of
The Belgian delegates who have been negotiating
the German note issue in conthe Government respecting guarantees for
The British AmBrussels.
for
to-night
here
left
nection with reparations
bassador, Lord d'Abernon, traveled on the same train to London.
The negotiations thus far have ended in failure, but it is thought possible
that they may be resumed after the Belgians report to their Government or
the Germans make further necessary concessions.
According to the well informed "Tagebiatt," the German Government
proposed that the Reichsbank should undertake to guarantee the Treasury
bills, but without drawing on its gold reserves. The guarantees would
have been secured in the second placed from German industry, and the Government was to undertake to place at the Reichsbank's disposal from ten to
twelve million gold marks monthly, obtained from German exports.
SEPT. 30 1922.]
TB t41 CHRONICLE
The press does not tage the failure of the negotiations as a tregedy, because it assumes that they will be renewed.
A Brussels Associated Press cablegram Sept. 11 had the
following to say relative to the termination of the negotiations at that time:
The Belgian Cabinet to-day held a four-hour session, at which former
Premier Delacroix, who has been conducting the reparations negotiations
with the Germans, and M.Bemelmans, Belgian member of the Reparations
Commission, made a full report on the failure of the Berlin conversations.
Premier Theunis ordered the return of the Belgian delegation when Germany insisted on an extension of the notes beyond the six months' period
authorized by the Reparations Commission. It had been expected that
the Cabinet would decide formally to demand that Germany deliver the
six months' notes for the payments amounting to 250,000,000 gold marks
due Aug. 15 and Sept. 15, and that she deposit in certain banks the gold to
cover these notes, Belgium then awaiting the German reply.
In stating on Sept. 12 that Dr. Fischer and Carl Bergmann, the German delegates to the Reparations Commission, had again gone to Paris to hold themselves at the disposition of the Commission with a view toforestalling a definite breaking off of the negotiations begun the previouslweek
with Messrs. Bemelmans and Delacroix, the Belgian representatives, the Associated Press said:
The impression prevails among the German officials who participated in
the discussions with MM.Bomelman's and Delacroix that the latter personally were not opposed to acceptance of the proposal of Dr. Hermes„ German Minister of Finance, to extend the maturity period of the notes.
The next development was the making of a formal demand
on Germany by the Belgian Government for the deposit of
100,000,000 gold marks in the National Bank at Brussels,
the demand, it was said, being so worded as to permit a reply
by Germany and further negotiations. Associated Press,—
Paris cablegrams, in reporting this added:
Although September 15 is the date fixed for the delivery of the gold,
it is highly improbable that a definite decision on the new reparations tangle
will be reached before next week. In the meantime the members of the
commission are working for the inevitable compromise.
France is firmly behind the Brussels Government in demanding strict
enforcement of the terms of the recent reparationtions decision, and strong
representations from the French Premier M.Poincare, are believed to have
been largely responsible for the withdrawal of the Belgian delegation from
Berlin and to-night's request for gold.
Great Britain favors acceptance of the German proposals for the extension of the six months' moratorium to eighteen months. Under this
scheme Germany, with the Reichsbank's guarantee, would pay the 270,000,000 gold marks due this year in three installments,in six,twelve and eighteen
months. The compromise terms called for the payment of this amount
in six months.
The new Belgian action is regarded more as a diplomatic move than anything else, as the Government favors acceptance of the German proposition
in a modified form. With Belgium and Great Britain, it is believed that
Italy is backing the extension of the time limit. The settlement question
is now in the hands of M. Poincaire.
Karl Bergmann, the special German envoy, conferred with members of
the Reparations Commission this afternoon and made several suggestions,
but failed to obtain any new concessions. He explained that a six months
limit was too short and if Germany were required to pay 270.000,000 gold
marks in six months the mark would collapse. He informed the delegates
that an eighteen months' period would enable Germany to purchase the
necessary foreign money to meet the payments without further injuring
the mark.
Much emphasis is placed by reparations circles on the effect the StinnesLubersac agreement will probably have on M. Poincare's decision. Final
failure of the Commission to carry out the terms of the recent compromise,
it is believed by many observers, would be followed by French occupation
of the Ruhr. This would mean the breaking up of the Stinnes-Lubersac
accord, which is generally regarded in France as the first real sign of Germany's willingness to pay for the devastation of the war.
In view of this it is thought that Premier Poincare would hesitate a long
time before sacrificing these concrete reparation deliveries. Therefore it was
declared this evening by a prominent member of the Reparations Commission that "common sense" would probably once more step in and save
the situation.
In asserting that the Wirth Government would positively
reject the demand of Belgium that Germany meet reparation
payments due on Aug. 15 and Sept. 15 with Treasury bonds
for which 100,000,000 gold marks be placed in the Belgian
National Bank as security, a wireless from Berlin to the
New York "Tribune" continued:
This attitude was made plain to-day in Government and financial circles
as well as in the press, despite the threat from Paris that refusal will bring
occupation of the Ruhr by the French.
Under no circumstance, it was declared, could the German Government
encroach upon the Reichsbank's gold reserve, as the Government, due to
the demand of the Entente for the autonomy of the Reichsbank, no longer
exercises authority over that institution whch can compel it to surrender
any part of its funds against its will.
The refusal of the German Government to accede to
Belgium's demand was indicated in the following Associated
Press cablegram from Paris Sept. 14:
The newly developed crisis in the reparations question became so acute
to-night, upon receipt of Berlin advices that Germany had categorically
refused to give up the 100,000,000 gold marks demanded by Belgium as
a guarantee of the six months' note issue on account of reparations, that
the members of the Reparations Commission decided the situation had
gone beyond their control and requires the immediate attention of the
Allied Premiers.
Sir John Bradbury, British member of the Commission, is proceeding to
London to lay the matter in detail before Premier Lloyd George, while
M. Poincare has assumed command of the French side of the negotiations.
The Italian and Belgian Premiers also are handling the situation for their
countries.
Belgium's request for the deposit of gold not later than to-morrow,instead
of being merely a diplomatic manoeuvre to permit further discussion as at
1479
first indicated, now appears to be a stern demand with the full backingef
the French and Belgian governments.
After the meeting to-day of the French Cabinet it was authoritatively
stated that official notification of Germany's refusal to delivery the gold
will be followed by the laying of the matter before the Reparations Commission by Belgium and a French demand for a declaration of Germany's
voluntary default.
An official communique issued by the French MinisZry of Foreign Affairs
respecting the meeting between M.Poincare and M.Dubois,of the Reparations Commission, at Rambouillet, says:
"The Cabinet Council, through the Premier, gave definite instructions to
M.Dubois concerning the French attitude in the event of Germany's failure
to comply with the Reparations Commission's declaration of Aug. 31."
M.Dubois, who is President of the Commission, will exetcise his right to
cast the deciding vote in the event that Great Britain and Italy oppose such
declaration, as is probable. Members of the Cabinet took a very critical
view of the situation and gave explicit instructions to M.Dubois to demand
action by the Commission unless the gold is deposited.
The refusal of Germany to pay the £1,500,000 due to-m=3w as part
payment of her private pre-war debts to Allied nationals has influenced the
attitude of the Cabinet.
The recent London conference reduced the payments due in August and
September from f.4,000,000 to £2,000,000. Germany has paid £500,000
and was required to pay the balance to-morrow. Her refusal to do so has
caused deep resentment in the French Cabinet, which feels that Germany
could easily meet the payment.
French policy is being directed toward a formal assertion from the Commission of Germany's voluntary default. It is reliably stated that France
will then request an immediate conference of the Allied Powers to consider
the reparations situation, and an effort will be made to reach an agreement
with Great Britain on the French debt and also a definite settlement of the
reparations question. No military measures would be taken unless the
conference broke down.
The British differ strongly with the French in the present crisis, and
believe that Germany's offer should be accepted. They contend that the
Commission never contemplated that Belgium would actually demand
gold, such provision being put into the decision simply for use as a last
resort.
Despite the very serious turn of events the German delegation in Paris
remains calm and optimistic. When informed that the Cabinet had decided
upon a stern policy, one German official said:
"They always decide on stern measures. However, we have refused the
gold, and shall continue to refuse it. But I think that some compromise
twhu
ille.,
be effected, as the Allies do not want to precipitate trouble at this
A report that the German Cabinet had decided to send
Rudolph Havenstein,President of the Reichsbank, to London
to negotiate with the Bank of England concerning guarantees
for the German Treasury bills to be paid to Belgium was
contained in Associated Press advices from Berlin Sept. 14;
and it was stated on the 15th that Germany would not
answer the Belgian note on the question of reparations
until the result of President Havenstein's visit to London.
As to Belgium's consent to delay action pending the result
of President Havenstein's London trip, a copyright cablegram from Paris to the New York "Times" stated:
The request made by the German Charge d'Affaires in Brussels this
afternoon to the Belgian Government to allow a delay until Rudolph
Havenstein, President of the Reichsbank, returns from London before
making an answer, due to-day, to the Belgian demands for fulfilment of
the Reparations Commission decision of Aug. 31, has postponed for a time
the decision for which Paris has been anxiously waiting.
At the Quai d'Orsay and at the Reparations Commission a certain
pessismism was expressed to-day, as yesterday, about the probable result.
But the German request for delay has encouraged the belief that whatever
may be the result of Havenstein's mission, his Government may yet consent
to hand over a sufficient part of the 100,000.000 gold marks demanded
and give bills for the remainder to tide over the situation.
The force and the abruptness of the Belgian note seem to have come
as a surprise to Wirth and his colleagues, and they had an even greater
surprise when it was learned that the British representative on the Reparations Commission shared with his French and Belgian colleagues the
view that Germany must fulfill the conditions of the Aug. 31 agreement
as demanded by Belgium or suffer the consequences of a declaration by
the Commission to the Governments that Germany had voluntarily failed.
Bluff lay Bt., Abandoncd.
The inevitable first action of Germany was a protest that it could not
and would not pay, but in the face of the unanimity of the Commission
that the demand must be met or the consequences taken, the usual bluff
maa be
,laittg
abandoned,
even thoh Havenstein fails to secure the support
oned,though
is
London.
It is understood that Sir John Bradbury', the British representative,
gave
the
n and Fischer, clearly to understand
tedelegates,witha
eBergman
that
would vote
colleagues on the question of voluntary failure
if one or the other of the alternative courses offered by the August agreement was not fulfilled and Germany did not either provide guarantees
for six months' bills or produce gold for the amount of the August or
September payments of fifty millions each, due to-day.
That statement by the British representative has made a strong impression in Berlin, as it showed clearly that instead of serving to divide
the Allies, as is always the German hope, failure to pay would on this
occasion serve rather to unite them. Any optimistic prognostications,
however, would be out of place, as it is still believed possible that the
Germans, against the advice even of those most favorable to them, will
persist in their obstinate refusal to meet their recognized obligation.
Advices that the Bank of England had indicated its
willingness to guarantee the notes came from Berlin on
Sept. 18, the Associated Press stating:
Herr Havenstein, President of the Reichsbank, announced to a Cabinet
oee
tm
ntein
lggium.
to-day that the Reichsbank was prepared to guarantee the six
months Treasurynotes falling due in February and June 1923, payable
The Cabinet decided to notify Belgium accordingly. It is unofficially
outcome of his
reported that Herr Havenstein's announcement is the
successful. The Bank of
negatiatiounxp
sa
retaLo
ithwu hich were completely
on
serlw
receiving, in
notes,
gness to guarantee these
England
return. an 18 months' guaranty from the Reichsbank.
Onss sa
thiesame
d:
date an Associated Press cablegram from
1480
nit ottitomatig_
[VOL. 115.
Adequate guarantees for the payment of the six months' Treasury notes tion, could not guarantee the notes offered to Belgium without the physical'
to Belgium have been arranged by Rudolph Havenstein, President of the possession of these securities.
Reichsbank. in negotiations with the Bank of England, and probably with
Stating that no information was obtainable at London as
a Dutch bank, it was definitely indicated here in Reparations Commission to the exact nature of the German Reichsbank's arrangement
circles to-night.
Details of the banks' participation are lacking, but it is described as a with the Bank of England for guaranteeing the issue of
strictly business deal between the Bank of England and the Dutch institu- German bills to Belgium in connection with the postponed
tion on the one side and the Reichsbank on the other. The latter, it is ina copyright cablegram from London,
dicated, borrows money at the regular rate of interest in order to meet the reparations payment,
payment ofthe six months'notes. The Reichsbank in turn repays the Bank Sept. 24, to the New York "Times" added further:
of England and the Dutch bank in eighteen months.
Nevertheless, the greater steadiness of the German exchange since the.
It Is not unlikely that Belgium will report to the Reparations Commission visit of President Havenstein of the Reichsbank to London is ascribed to.
it
a
has
that
come
to
satisfactory
at that body's regular meeting to-morrow
the arrangements which then were made.
arrangement with Germany over the guarantee of payment of the notes.
Among other movements between the great banks, gold is being returned
It only depends on whether the German reply reaches Brussels in time to by the Bank of England to the Bank of France, the latter repaying advances
be communicated to Paris before the session of the Commission begins.
made by London during the war. The impression has prevailed in some
The only possibility offailure would be the refusal of France to accept this quarters that as fast as France liquidates its debt to the Bank of England,
new arrangement. It is highly probable that France will approve the trans- gold will be taken from the English bank's reserve. This, however, is not
action because it is thought to have met with the approval of Belgium.
the case, because the gold deposited as security for the war-time advances
The successful mission of Herr Havenstein is generally regarded as due to to France has never figured in the Bank of England's visible stock of gold.
the efforts of the British Government and Sir John Bradbury. the British
On the other hand,the London money market has latterly been somewhat
member of the Reparations Commission. It is the feeling in reparations affected by the transfers of French money to the Bank of England, which
circles that the Allies must preserve unity in the West in view of the acute are believed to be connected with these repayments on the part of France.
crisis in the Near East, whicn is absorbing the entire attention of the Powers.
y advices as to the attitude of France toward
Contradictor
The acceptance by Belgium of the guarantee proposed by the German notes to be given Belgium came in Paris cablethe Reichsbank, was announced by Associated Press Paris grams of the 26th; the New York "Times" (copyright) said:
Rumors that the French intended to raise objection to the accord made
cablegrams, Sept 19, as follows:
The Reparations Commission was semi-officially informed to-night that
Belgium had accepted the guaranties offered by the German Reichsbank
for the payment of the Treasury notes to Germany within six months.
The way is now open for convening in November at Brussels a conference
for consideration of German reparations payments and of the inter-Allied
debts.
Plans for the Brussels conferepce probably will be formulated after the
Allies have disposed of the Near East crisis.
We likewise quote what the New York "Times" had to
say in a copyright cablegram from Paris, Sept. 19:
As a result of an agreement reached to-day between Germany and Belgium for the payment of this year's reparation dues in six months' German
Treasury bills, Europe will at least have a respite from the reparation crisis
for some time. The Belgian delegate on the Commission has been notified
by his colleagues that they are satisfied with the solution which has been
the outcome of the Commission's decision of Aug. 31.
Had the Germans failed to find guarantees for their bills the situation
would have become the most serious yet faced, as all the members of the
Commission were agreed that there would be no other course open than to
report to the Governments that Germany had voluntarily failed in her
obligations.
The gravity of the situation was so great that Sir John Bradbury reported
to his Government during his hurried trip to London that unless the Bank
of England came to Germany's assistance nothing could prevent Premier
Poincare from taking whatever measures he thought right for the enforcement of payment.
Governments Not Affected.
But it should be understood that the arrangement which has been made
by the Reichsbank does not in any way alter the psoition of the Governments. It is technically a private matter between the Bank of England
and the Relchsbank and will not affect the priority of other reparation
payment to be made next year.
What it has served to do is to dispel the cloud of uncertainty and menace
which seemed likely to prevent any possibility of a general conference for
the discussion of the whole Allied debt situation being held this year as
• planned. No arrangements have yet been completed for holding that
conference, but the present suggestion is that it should meet in Brussels
during the second week of November. Until it has been held, or the idea
of holding it has been abandoned, the Reparations Commission is not likely
to proceed with the task which now devolves upon it of fixing next years
payments by Germany.
Any decision they might take might be rendered futile by decisions of
the conference, and divergence still exists between the French and British
as to whether or not a moratorium will have to be granted for the whole
sum due, of which a large share is still owing to Belgium under her priority
promise.
Associated Press advices of the 19th stated:
by the Reichsbank, which are
The German Treasury notes, endorsed
to be turned over to Belgium in lieu of cash payment on Germany's reparadelivered to the Reparations Commission
tions account, probably will be
Department. The Reparations
by Karl Bergmann of the German Treasury
notes to Belgium and they can be disthe
Commission then will deliver
England and the Bank of Holland.
counted by Belgium at the Bank of
between Germany and Belgium for payment of the remainder of this.
year's reparation installments were dispelled when the Reparation Commission this afternoon formally accepted the six months' notes which have
been handed over.
French objection, it was stated, would be based on the fact that the
form of guarantee and arrangement which had been made between the
Reichsbank and the Bank of England to guarantee the notes was prejudicial to future payments by Germany.
When the matter was raised in the Commission, however, by Louie
Dubois, acting on instructions from the Quai d'Orsay, the Belgian delegate
replied that Belgium at least was quite satisfied with the guarantee.
The British delegate added that he could see no objection. As for the
nature of the transactions between the Reichsbank and the Bank of England
they were of a purely private character outside the scope of the Commission,
and as the Reichsbank was an autonomous bank any arrangement it had
made for guaranteeing the notes could not affect the German Government's
position with respect to the Reparation Commission.
The New York "Tribune" in a copyright cablegram
(Paris, Sept. 26) said:
Acting on instructions from Premier Poincare, France's delegate on the
Reparation Commission to-day refused to ratify the Belgium-German
agreement whereby the Reich tenders $67,500,000 in Treasury bonds in
lieu of cash to satisfy the remainder of the 1922 cash reparations payments.
Belgium two days ago notified the Allies that she had accepted these
bonds, backed by the Reichsbank, as effective means of payment. Doubtless the Germans entered into some agreement with the British banks to
guarantee their bonds, but this phase did not figure this afternoon when
the commission was called upon to approve or reject the agreement and
France's protest followed.
Poincare's objection is based on the theory that until the French Government is notified as to what part of the bonds will be taken by the British
banks and the nature of the collateral the French must take the position that
protheir 1923 dues from Germany are jeopardized. Under the priority
from
vision of the treaty France will not receive the first cash payments
precautionary
a
be
to
seem
would
move
to-day's
and
1923,
the Reich until
measure to insure payment.
The Premier, who is resting at the village of Sampigny, in Lorraine, received the Belgian announcement yesterday. He at once communicated
with M.Mauclere, acting first French delegate on the Reparation Commission, and ordered him to tell the Commission that the Reichsbank guaranties
were insufficient, because this institution is still producing more than 4,000,000,000 paper marks daily. The German bonds which have been
handed to Belgium require that Germany, beginning in March, 1923, must
pay 50,000.000 gold marks, or $12,500,000, monthly during the succeeding
half year. and Poincare contended that unless the bonds were sufficiently
backed up by British banks Berlin might invoke this burden in an effort to
escape prompt fulfillment of the 1923 schedule.
Mauclere was instructed to protest against the arrangement and to demand precise guaranties, otherwise Poincare will insist that any further
German default must be at England's expense.
Belgium under her priority in reparations will be entitled
to 500,000,000 marks, gold, in addition to the 270,000,000
marks to be paid her by Germany in discountable notes
the next few days, according to estimates by the reparain
Pointing out that the arrangement made by President
experts, said the Associated Press in Paris advices
tions
was
England
in
of
considered
Bank
the
Havenstein with
adding:
20,
Sept.
purely
private
a
as
agreement
German official quarters
This 500,000,000 marks is a comparatively rough estimate of the amount
a
Berlin
institutions,
Associated
been
banking
between both
that will be due Belgium at the end of this year after allowance has
made for probable German deliveries of merchandise.
Press cablegram of the 19th added:
announces that no details concerning
Regarding the anxiety of Belgium for a new conference
Therefore the Ministry of Finance
the matter can be published.
reparations and war debts, the "Journal of Commerce'
on
over
the
impatience
concealment of
One section of the press voices
of
Bank
England
by
the
the
Reichsvouchsafed
on Sept. 27 printed the following Associated Press cablethe nature of the securities
paid the English bank for assistance.
from Brussels:
bank and the price the Reichsbank
gram
Herr
Havenstein affixed the
that
The Boersen "Courier" assumes
agreement only on condition that its gold
Reichsbank's signature to the
reserves will not be requisitioned.
newspapers, has paid to the Allies
The Government, according to the installment of
28,400,000 due in
of the
10.000,000 gold marks as part pre-war debts to Allied nationals.
liquidation of Germany's private
German banks organized
The formation of a consortium of
securities held abroad
for the transfer of their actual gold or
for the guaranty
credits
for
return
in
England
to the Bank of
to
of the German Treasury notes offered Belgium, is thought
acute reparations problem
to have been the solution of the
was stated in a London
it
Germany,
and
between Belgium
20, which also said:
Associated Press cablegram, Sept.
on the part of Berlin and London
The reason for the absolute secrecy
understanding that neither France nor Belgium
has been because there is an
bank deposits are located. It is
should be advised where the securities andEngland, being a
private instituPointed out, however, that the Bank of
The absence of Premier Theunis, who is taking a holiday on the Italian
in the
Lakes, and the absorption of the French and British Governments
Near East problem prevent for the moment the Belgian Government from
and
war
debts.
reparations
taking steps toward summoning a conference on
Furthermore, the Government is not likely to convoke a conference before
having sounded the Government's interests with regard to an exact program.
Belgium, moreover, is anxious to receive sufficient assurances to enable
it to count on the success of the conference before convoking it. This
implies reconciliation between the divergent Franco-British views on a reduction of the amount of total payments to be exacted from Germany,
to a reduction in the inter
a reduction which is considered subordinate
Allied debts.
of Great Britain accepting
basis
the
on
arrangement
A Fraco-British
bonds of Category C in exchange for total or partial extinction ofthe French
debts would, it is believed, constitute an excellent means of bringing together the existing divergencies,for It would allow France to accept without
material or moral prejudice a reduction of reparations, which competent
financiers regard as indispensable to the success of negotiations for the issue
of an international loan.
SEPT. 30 1922.]
THE CHRONICLE
Ifan'international loan cannot be arranged before the middle of December
the efforts made by Belgium to prevent a serious aggravation of the reparations question will have been useless, for before the end of December the
Reparations Commission will have tofix the dates for payments by Germany
in 1923 and the amounts of these payments.
If fresh political and financial shocks in Europe in the beginning of January are to be avoided it is felt here that the projected conference should
be summoned as early as possible, as such a conference must affect the entire
world. Belgians earnestly believe that the United States should be represented, at least by an observer. They feel also that the future attitude of
the United States will be favorably influenced by the arrangements for the
settlement of the British debts, for which purpose Sir Robert Stevenson
Horne, Chancellor of the Exchequer, is going to Washington.
1481
BAVARIA BARS FOREIGN VISITORS ACCOUNT OF
EXESSIVE BUYING.
•
The following from Berlin Sept. 17 appeared in the New
York "Commercial":
Declaring that defensive action for the protection of its own population'
is imperative, the Bavarian Government has put up the bars
against all,
foreigners.
Bare shelves and sold-out stores on account of the excessive buying of foreigners from countries "with strong exchange" together with a continual rise in prices to the home people are the reasons given for the
drastic',
action.
Tourists are absolutely barred in Bavaria in a decree just issued.
Permission to enter Bavaria may be granted foreigners only where"
the most urgent reasons exist.
Foreigners who buy up more than their share of daily necessities will
be immediately expelled.
•
GERMAN REICHSBANK HAS FACILITIES NOW FOR
PRINTING 7,000,000,000 MARKS OF NOTES DAILY.
Reports from Berlin last week that Germany planned to
increase the output of bank notes so as to gradually reach
7,000,000,000 marks daily on Oct. 15, appear to be slightly BULGARIA PLANS REFERENDUM TO DECIDE FATE
OF MINISTERS RESPONSIBLE FOR WAR OF 1913.
misleading, inasmuch as advices since indicate that the
Reichsbank has merely increased its facilities so as to be
Sofiaadvices Sept. 23 (Associated Press) state:
The fate of Ministers who declare war, undertake to fight them and
able to print the number indicated after Oct. 15. Whether
fail
to win will be decided by the whole voting population of Bulgaria, according
it will avail of the privilege remains to be seen. From the to a proposal of the Government to hold a referendum on what
disposition
New York "Times" of Sept. 25 we take the following copy- is to be made of the Ministers concerned in the Bulgar-Turkish war of 1913.
Tim war ended disastrously for Bulgaria. There is now considerable
right cablegram from Berlin:
feel:ing aginst
those who managed the war.
During the past week the credit crisis has been unabated. The supply
Under the terms of the proposed referendum, should 70% of the voters
of actual cash, however, has appeared to be somewhat more adequate to
declare
the
members of the war Cabinet guilty of action injurious to the
requirements; the Reichsbank now having announed that it will be able to
print 7,000,000,000 marks of new notes daily after Oct. 15. The rise of people, they will be condemned to life imprisonment. If the Ministers got
an
adverse
vote of 60%,they will be sentenced to ten years'imprisonmentthe Ralchsbank discount rate from 7% to 8% on Thursday, and the talk
If 50% of the voters are against them they will be exiled for ten years.
of a possible still higher rate,show the effect of the general strain on credit.
Among other things, the Federal Finance Ministry has expressed willingness
to permit reissue of the "Municipal Emergency Notes," which were withSOVIET TO FLOAT HUGE LOTTERY LOAN_
drawn and whose reissue was forbidden by the law of July 1917.
Franz Urbig, Director of the Disconto Gesellschaft Bank, has published a
Under date of Sept. 20, the New York "Times" reported
table to show that the currency crisis results from the fact that prices have
the following copyright advices from Moscow:
risen much more rapidly than paper inflation has progressed and that hence
The Soviet Treasury Department announces a gigantic lottery loan for one
tne buying power of all notes in circulation has actually diminished. Urbig
points out that. whereas 70,000,000,000 mark notes circulating in January, hundred million million paper rubles—about $15,000,000 at present rates-1920, had then the same power as 5,400,000,000 gold marks before the beginning in November next, and open for a year and eight months.
Though called a loan,it is more in the nature of a lottery, as the bonds
war,the 337,000,000,000 circulating at the end of August had only the same
bear no interest "in view of the exceptioably favorable character of the
purchasing power as 1,870,000,000 gold mark.
prize drawings and fact that all prizes will be paid in gold."
Inflation and Business Needs.
There will be eight drawings altogether, with prizes from 50,000 rubles
At this rate, Urbig continues, the total paper circulation by the end of gold down to 25 rubles. Tao prizes also include jewels irom the State
reserve,
which probably means a part of the old imperial crown jewelry,
1922 will be 500,000,000,000 marks, but its purchasing power would be only
the same as 500,000,000 gold marks, or $125,000,000. This situation, he tnougn the beautiful and historic pieces shown in the New York "Times"
concludes, makes the currency provisions hopelessly inadequate to meet the recently will be excepted. Even if the total of $15,000,000 is reached the
State is likely to snake a handsome profit on the transaction.
everincreasing volume of trade.
The bonds or tickets cost 5, 10 and 25 gold rubles, say $1, $2 and $5,..
Meantime the controversy about the use of the dollar in German home
trade continues. The Association of Wholesale Yarn Dealers has formally Judging by the recent "bread loan," the experiment should be a success and
declared for the dollar as.a basis for price fixing. On the other hand, the bring back into the treasury not only a great quantity of paper currency but
Wholesale Shoe Merchants' Association has forbidden the use of any foreign a mass of gold and foreign valuta in which the bonds may be bought at the
currency for such purposes under threat of fine. The Frankfort lawyer, open market rate of three million paper to one gold ruble.
The news has already steadied the exchange market considerably. The
Karl Wertheim, has given the opinion that use of the dollar in German home
trade is illegal under the exchange law of February. He contends that mer- dollar, which touched 9.200,000 paper for a short time last Friday, to-day
chants using the dollar for such purposes run the risk of having their trans- was weak around 7,000,000 and is expected to fall to 6,000,000.
actions declaredivoid.
BARTER DISPLACING MARKS IN GERMANY.
The Associated Press under date of Sept. 22 announced the
following from Weimar, Germany:
Barter is replacing the use of money in various parts of Germany as a
result of the serious depreciation of the mark.
The Weimar board governing the agricultural schools at Triptis and
Marksuhl has fixed the tuition for the winter term in rye instead of in money.
Thuringlans will pay one and one-half centners (hundredweights) for the
semester and non-residents of Thuringia two centners.
The Saxon Thuringian Power Co. at Auma has announced that it will
gladly receive, instead of cash, ten eggs, three pounds of wheat flour or a
quarter of a centner of potatoes for each kilowatt hour of electricity consumed.
Naumburg and Braunschweig physicians state that henceforth all rural
patients will be expected to pay for medical attention in produce at its prewar cost. The pre-war price of bread was recently fixed by Magdeburg
doctors as a basis of payment.
In 1914 a physician's call cost about 5 marks. At that time this would
buy ten loaves of bread or three pounds of butter. The same quality of
bread is now oiling for 100 marks a loaf and butter is retailing at 360 marks
a pound. Thus the pro-war foe in bread to-day would be the equivalent of
1,000 marks and in butter 1,080 marks.
SOVIET GOVERNMENT'S AGREEMEN24 FOR RETURN
OF RUSSO-ASIA TIC CONSOLIDATED PROPERTY—
NOT RUSSO-ASIATIC BANK.
In our issue of Aug. 26, page 927, we printed advices
published in the New York "Commercial" which indicated
that an agreement had been reached between Georges
Tchitcherin, Russian Foreign Minister, and the Russo-Asiatic Bank of London, respecting compensation to be
paid the latter for damages caused by the nationalization
of its Russian property. From the London "Financial
News" of Sept. 12 it appears that the agreement was not
made with the Russo-Asiatic Bank but with the RussoAsiatic Consolidated, Ltd.—an entirely different concern.
We quote herewith the item published by the London paper
In connection with tne Russo-Asiatic deal with M. Krassin, reported in
yesterday's issue, Mr. Leslie Urquhart, Chairman of the Russo-Asiatie
Consolidated, Ltd., who reached London last evening, said he desired to
report to his board of directors before making a public statement on th
matter. He, however, added:
"I think everyone will regard it as a good business deal. There are no
politics in it at all. We are to have our property returned on very fair250,000,000 MARKS LOST BY BANK OF HAMBURG. terms, and I am satisfied that the deal is a movement towards the renewal'
of trade relations with Russia."
A special cablegram to the New York "Times" from BerThe Turning Point.
lin Sept. 24 is authority for the following:
Shareholders in the Russo-Asiatic Consolidated will no doubt have been
A financial scandal of great magnitude, involving the loss of 250,000,000 pleased
to read the announcement in our yesterday's issue of the signing
marks on a bank of Hamburg, illustrates the increasing laxity of business of the
agreement at Berlin between Mr. Urquhart,on behalfofthe company,
morality in Germany. While the bank's president was away, its foreign and M.
Krassin, on benalf of the Soviet Government. Confirmation of
exchange specialist in collusion with a controlling official indulged infor- the
report was received from Mr. Urquhart by cable, as follows: "Contract
bidden speculation in foreign exchange on a huge scale, trading on the bank's signed
last night. In accordance with law, will be formally ratified by
credit.
Russian State Council in few days. Rrassin leaving for Moscow for this
The affair came to light when the speculating officials were unable to ob- purpose."
Tnis message was posted in tne Stock Exchange early yesterday
tain further cash or credits from another bank to tide over their speculative morning,
and the "House" showed its appreciation by promptly lifting the
engagements over the month's end settlement.
price of Russos to the extent of is. 6d. But the news is of interest to
far wider circle than is represented by the shareholders and the Stock
for it marks the turning point in what can only be regarded as
PRINTING COST OF CROWN NOTES IN HUNGARY aExchange,
very dark page in Russian history. The agreement, as indicated, has to
GREATER THAN FACE VALUE.
be ratified by tine Soviet Government, and probably also by tne Board'
The Associated Press reports the following from Budapest of the Russo-Asiatic, and is qualified to this extent, but, according to the
report M. Krassin has little doubt that his action in the matter will receive
Sept. 24:
the full assent of the Government he represents, while there is hardly a
The fall of the crown has caused a crisis in the printing of banknotes, possibility
that Mr. Urquhart's action will be questioned by his colleagues. •
which are manufactured by a Swiss firm. Small notes now cost more
History of the Negotiations.
to print than their face value. The Government, therefore, is being
severely censured by the people. The Reparations Commission desires
There may,of course, arise some sort of opposition on the other side in
to make a change, but as the Swiss firm holds a copyright on the bank- the ranks of the extremists of the Communist Party, but we understand
that the power of the dreaded Che-ka is rapidly on the wane, and that its.
notes, it will be necessary to print them from new designs.
1482
THE CHRONICLE
interference in the political and economic life of the country has received a
decided check. The history of the progress of negotiations between the
two parties is full of iinterest. They were inaugurated, it will be remembered, as long ago as May. 1921, and as a result of the settlement of a basis
of agreement Mr. Urquhart went to Moscow in August last year. Shareholders will hardly need to be reminded that after a month of the closest
study and exchange of ideas on the clauses of a proposed agreement the
mission ended in failure, and led to the issue of Mr. Urquhart's famous
denunciation of the then existing conditions in Russia. The following
passage from his letter to M. Krawin may be quoted: "As long as the
Communist Party controls the Soviet Government the Third International,
the Che-ka, and the Professional Unions, any one of these instruments
of the Communist Party may render inoperative any agreement which
may be come to with the Soviet Government." As we have indicated,
conditions have changed since then, and apparently Mr. Urquhart, who
has worked so untiringly in the interest of the shareholders he represents,
was convinced that it was worth while making another effort. Accordingly, about the middle of last month he proceeded to Berlin in order to
meet the representatives of the Russian Government, and their protracted
pourparlers have resulted as recorded above.
Compensation.
Although we are told that both parties to the agreement have made concessions, yet the Russo-Asiatic has evidently scored, as the Soviet Government has agreed to pay compensation for damage done to the company's
property, or, as M. Krassin prefers to call it, to pay a sum of money to
facilitate the resumption of work. Two million pounds is mentioned as
the maximum amount of this payment, and apparently a commission is
to be appointed to determine the actual sum. This should, in fairness, consist of representatives of both sides, with an independent chairman, but
fuller information on this subject will no doubt be forthcoming when Mr.
Urquhart, who was expected to arrive in London last night,is in a position
to lay the whole matter before the shareholders. As we have said, such
an agreement will have far-reaching effects, and we believe that the representatives of many important British companies with big Russian interests
who have been closely following the course of events in Berlin will shortly
take definite steps towards securing similar terms for the resumption of
operations.
The New Russia Co.. for instance, which owns, or did own, large iron
and steel works in the south of Russia,and which was the first undertaking
in that country to manufacture steel rails for the Russian railways, may
be expected to make a move, while there are many others which have ceased
active operations for some four or five years that may now see their way
to resume. The country is wonderfully rich in natural products, and it is
certainly a hopeful sign that, at any rate in one direction, there is now a
prospect of their development. Full details and the news of the ratification of the agreement will be awaited with the keenest interest. Meanwhile the successful accomplishment of the first stage of the business must
be regarded not only as a great personal triump for Mr. Leslie Urquhart,
but also as of the utmost significance to the millions of people who are anxious to see a great Empire restored.
Berlin, Sept. 11.—The "Berliner Zeitung am Mittag" states that the
Stinnes-Lubersac agreement was the model for the Urquhart-Krassin agreement concluded yesterday. It also states that German industry, represented chiefly by the Krupp firm, will be asked to participate actively in
a new undertaking, the object of which is the development of Russian
resources.—Reuter.
[VOL. 115.
Export trade is growing, but continued disturbances are impeding the
import trade.
The exchange value of the Shanghai tael is little changed from last month.
Shanghai bank stocks of silver are estimated at $77,000,000, silver, as
against $60,000,000 of a year ago. Silver stocks at other points are as
follows: Hankow. 31 million, Tientsin, 40 million, Peking at 18 million,
and Canton at 10 million, all silver dollars. The increased activity in the
export market has stimulated silver imports to a considerable extent.
With political conditions still unsettled the native banks are reluctant to
extend credits to native merchants. Japanese interests continue making
loans to Chinese cotton mills with the mills as security. Canton banking
is again normal. The provincial paper notes, which were at a 40 to 50%
discount during the recent political and military activity, are now circulating at a 20% discount, which is about the normal rate for this class
of note.
Textiles, Cotton and Silk.
Raw cotton imports for the month of August were 25,000 bales. The
total for 1922 to date is 540,000 bales. The Chinese cotton crops are
excellent. December options are at 194 cents. The cotton piece goods
market is of somewhat better tone, but the disturbed conditions in the interior preclude any marked activity. Imports this year to Sept. 8 are:
Sheetings--American. 271,000, Japanese, 334,000, European, 23,000.
Drills--American, 9,400, Japan, 27.000, British, 3,900. Jeans—British,
150,000, Japan, 690,000, American, 5,000. The present Shanghai stock of
American sheetings is 70,000 pieces, with the price of whites generally
better. Soldier Man brand is quoted at $7 70, Mexican. Local cotton
mills are selling cotton yarn below cost with little or no demand. The
sixth silk crop at Canton is estimated at 6,500 bales, or somewhat less than
last year. Double hair nets are quoted at $3 40, Mexican, per gross with
small stocks on hand. The weather in Canton is not favorable for future
silk. The Shanghai silk situation is excellent with enough cocoons for
filatures to January. France is buying heavily of the best grade of Tussah.
Steel, Lumber, Dies.
Shanghai steel trade is flat. Steel tubes are the only products moving.
The lumber market is very unsatisfactory for the importers. Small dealers
are dumping stocks of Oregon pine on the market which is affecting prices
considerably. Shanghai stocks of pine are estimated at 60,000,000 feet
compared with 40,000,000 of one month ago. Prices at Shanghai are quoted
on a basis of $32, Mexican, per 1,000 feet. There is no improvement in
the dye market.
Foodstuffs. Wood Oil.
South China is taking sizable quantities of foreign flour. North China
and Manchuria have plentiful stocks of domestic supplies and will not be
obliged to import flour this season. There is a great improvement in the
tea trade. Wood oil exports to date are 50% larger than last year. All
oil seed are above normal.
Canton and North China political affairs show a decided improvement
over conditions existing for some time back. Building activities continue
as usual.
$10,000,000 BOND ISSUE AUTHORIZED IN CHINA.
Peking Associated Press advices Sept. 25 stated:
The Cabinet to-day authorized a $10,000.000 bond issue by the Government.
The issue goes to the Chinese bankers of Peking for absorption in the face
of the strenuous opposition of Cantonese parliamentarians, who declare the
authorization unconstitutional.
Premier Wang Chung-Hui said to a representative of the Associated Press
CHANGE OF CURRENCY AT TSINGTAU, CHINA.
at best the loan can be considered only a means of giving the harassed
The Department of Commerce at Washington prints that
Government a breathing spell.
of
Reports"
"Commerce
in
Sept.
18:
following
the
With funds to meet immediate pressing demands, every effort will be
The Yokohama Specie Bank at Tsingtau, China, has announced the made to bring about a comprehensive adjustment of the country's finances,
redemption of all silver yen notes in Chinese silver dollars at par. In it was declared. This task can be accomplished, said Premier Wang,
the past busineis firms in Tsingtau buying and selling goods in the interior by reorganization on a gigantic scale. Anything less, he declared, would
have had to suffer the loss by exchange incident to the conversion of funds only plunge the country into further bankruptcy.
The proposed issue, which will net the Government a little more than
to and from silver yen and Chinese silver dollars. That loss will no
longer be incurred. After the transfer of the Kiaochow Territory to $8,000.000, is being taken up by the bankers with the understanding that
China, the various Chinese and Japanese banks in Tsingtau will naturally the proceeds shall be devoted to administrative purposes and the payment
enjoy the privilege of issuing notes, as do banks in other Chinese ports, of police and troops maintained within Peking. The money will be adand thus be enabled to compete upon a more equal basis with the Yoko- vanced in installments and public accounting made of disbursements by
hama Specie Bank. The advan.age to be gained in the matter of a change the Finance Ministry.
Reviewing the situation, Premier Wang said he was hopeful of enlisting
of currency is not, however, unmixed with possibilities of disadvantage.
The small coin problem from wnich the port has been happily free during the co-operation of Sun Yat-Sen in promoting the Administration's loans.
the period of the Japanese occupation, will arise. Alsa it is quite possible He declared that Sun's stipulations lately had become less exacting. The
that indiscreet issues of paper money by some of the Tsingtau banks may Southern leader's demand that the provincial armies be disbanded and rebring into circulation depreciated bank notes. (Vice-Consul Walter A. created into labor battalions for industrial development finds a ready response from the Premier, who believes that this could be accomplished with
Adams, Tsin gtau.)
financial assistance of sufficient magnitude.
Premier Wang estimates that 40% of the soldiers would return to their
FOREIGN BANKING GROUP TO ADVANCE $96,000,000 homes willingly and engage in useful pursuits if assured of their wages.
In any event, the Premier sees no menace of further hostilities before
SILVER TO CHINA ON SECURITY OF SURPLUS
spring.
SALT REVENUES.
GREEK GOVERNMENT'S APPEAL FOR RELIEF.
The outstanding features in the China field for the current
The American Express Company of this city, issues the
month, as cabled to the Department of Commerce by
Commercial Attache Arnold, are the confirmation of the following statement:
Owning to the serious situation in Greece which has rehulted from the
new 96 million dollar silver loan on the security of the invasion of that country of scores of thousands of refugees from Smyrna
Turks,
Salt Gabelle surplus and the practical completion of the and other stricken districts recently conquered by the Kemalist
Greek Government has requested the American Express Company,
Chinese tariff revision. Of the $96,000,000 silver loan, the
for
relief
in
Americans
to
appeal
a
through its agencies, to make strong
Japan is holding some 39 million, which is on deposit in tho form of money, with which to purchase food.
Cables from Athens convey the intelligence that the problem of feeding
Japanese banks, as further security for earlier loans; 10
army of survivors of the Smyrna catastrophe is extremely diffimillion has been pledged for administrative expenses, and the vast
the food supply is diminishing with alarming rapidity. These
and
cult.
47 million is to be turned over to the Chinese bankers group messages further state that the suffering of those who escaped the Nationalis intense, and that every agency in Greece
to cover their railway loan advances with interest. The ist Army's advance on their city
valiantly to cope with the terrific situation.
Chinese Government is apparently making every effort, is fighting
than
400,000 Greek refugees already have
more
"It is estimated that
with limited financial resources, to meet native and Japanese arrived in Greece," states one cable from the Athens office of the American
Express Company.
obligations due.
"Greece is unable to feed the refugees, and this appeal is for relief in the
The Committee on Chinese Tariff Revision, which has form of money."
to
expects
Shanghai,
complete
its
at
session
work
The American Express Company has made arrangements to place the
been in
financfacilities ofits organization at the disposal of those wishing to render
on Oct. 1, and it is thought that the new tariff will be made ial
assistance direct to the local Relief Committee.
all
to
effective as of Dec. 1 1922. It is estimated that this tariff
the
issued
been
Company offices to accept
Official instructions have
revision will bring an increased revenue of 15 million dollars, funds for transmission, either by cable or draft, at actual cost, when sent
Athens,
Company,
Express
Greece, and payable
American
the
of
care
In
Mexican, to the Chinese national treasury. The Depart- to W.S. Taylor,the American Treasurer of the Relief Committee
at Athens,
the
following
furnishes
Commerce
additional
of
the Standard Oil Company and
ment of
Mr. Taylor is the Greek representative
of
Chamber
in
Commerce
American
Greece.
is`President of the
jnformation:
SEPT. 30 1922.1
THE eTIRONTCLE
1483
bank notes until 1942, the date of the expiration of the charter. Of the
SMYRNA OFFICE OF IMPERIAL OTTOMAN BANK OF total amount If notes in circulation, one-third is to be covered by gold,
and the remainder by securities which have a ready market. The amount
LONDON DESTROYED.
of shares held by individuals may not exceed 12,000. While foreigners
The Imperial Ottoman Bank of London cables that, as may acquire shares in the bank, they are not to be elected to the directorits office in Smyrna has been destroyed, it has opened there ate or management.
a temporary bureau for inquiries only, which should be
addressed Imperial Ottoman Bank, Constantinople, to be NATIONAL CITY COMPANY OF NEW YORK SUCCESSFUL BIDDER FOR REBUBLIC OF HAITI LOAN.
forwarded. Full service will be made available in Smyrna
A special dispatch to the New York "Times" from Washas soon as possible.
ington Sept. 28 announced that the National City Company
GREEK GOLD COMES HERE—FEDERAL RESERVE of New York had been the successful bidder for the $16,000,000 loan for the Government of Haiti, offers for which were
GETS $5,000,000 WHICH MAY BE USED FOR
GREEK MILITARY NECESSITIES
opened that day at the State Department. The terms were
The following is from the "Wall Street Journal" of Sept.28: not made public. Announcement that the Government of
Gre9k- liner Themistocles from Piraeus brought Federal Reserve Bank Haiti had asked American bankers to submit bids for the
104 boxes gold Napoleons, estimated value about $5,000,000.
purchase of $16,000,000 6% serial bonds, representing
Particulars of the shipment of $5,000,000 In Creek gold to New York
are not known here as yet. The gold was sent to the Federal Reserve Bank Series A of the $40,000,000 loan provided for in the protocol
by a foreign correspondent with no explanation.
between the United States and Haiti, dated Oct. 3 1919,
Theory that tee gold is part of private fortune offormer King Constantine,
was made in our issue of Sept. 16, page 1266. As was indisent here for preservation on account of the Turkish crisis, is not considered
seriously. Shipment was made on Sept. 4 and time from the shipping date cated therein the bonds are to mature in semi-annual into the king's abdication tends to dispel this idea.
stallments, $150,000 coming due the first year, and the
Greek exchange at present is so uncertain that it is practically worthless
by $5,000 in each year until $290,000
as a means of international transactions. A more sound supposition is that amount increasing
the metal was sent here as a basis for buying actual necessities, perhaps in become payable in the 29th year, the remainder, which it is
connection with the Greek military campaign.
estimated will be below $290,000, maturing in the 30th year.
The proposals were to have been opened and the award
BANK OF ITALY'S CURRENCY REDUCED.
made on Sept. 25. At the request of the Haitian Minister
In its issue of Sept. 26 the New York "Times" printed of Foreign Affairs the State Department at Washington
postponed the opening of the bids until Thursday,Sept,28,to
the following:
The statement of the Bank of Italy for the latest date in August at permit, it was said, John McIlhenny, the financial adviser
which returns have been received, shows decrease in outstanding note
to the Haitian Republic, to be present at the opening of
circulation of 179,078,000 lire during the preceding ten-day period and a
decrease of 1,086,215,000 lire since the end of last December. As com- the tenders.
pared with the final statement of 1921, gold and silver holdings of the
bank have increased 17,253,000 lire, and foreign exchange held plus balances
in foreign markets have increased 22,585,000.
INDUSTRIAL BANK OF CHINA TO REOPEN.
According to a copyright cablegram to the New York
NATIONAL BANK OF GREECE SUBSCRIBES TO CAPI- "Times" from Paris Sept. 21, ministerial sanction has been
obtained for a scheme to reconstruct the Industrial Bank of
TAL OF CORPORATION TO REBUILD SALONIKI.
China, and instructions have been sent for reopening the
22
We quote from the New York "Evening Post" of Sept.
Far Eastern branches of that institution. The Paris offices,
the following from Saloniki (Creme):
immediately afterwards.
Saloniki, the crumbled and blackened walls of which have been one of it is stated, will be opened almost
the eyesores of this part of the world for five years, is at last to be rebuilt. The reconstruction plan is based on the co-operation of sevA corporation has been formed with a capital of 10,000,000 francs for the eral large Paris banks. The suspension of the bank was
reconstruction of those parts of the city which were destroyed in the great
to in these columns July 2 1921, page 40; July 9,
fire of 1917. Half this sum has been subscribed by the National Bank referred
of Greece, 3,500,000 francs by Jewish capitalists: and the remainder by page 150, and July 16 1921, page 238.
Saloniki Greeks.
GUARANTY TRUST CO. PREPARED TO DELIVER
DEPOSIT CERTIFICATES FOR NORWAY LOAN
INTERIM RECEIPTS.
Guaranty Trust Co. of New York announces that upon
surrender of interim receipts covering Kingdom of Norway
6% Internal Loan Bonds, 1921-1931, it is prepared to
deliver deposit certificates with coupons due Oct. 1 1922
and subsequent attached.
POLAND TO ISSUE 8% INTERNAL LOAN.
An Associated Press cablegram from Warsaw Sept.27 says:
The Diet closed its sessions last night after nearly four years of work.
During its last days it adopted two bills of capital importance, one authorizing the Finance Minister to Issue a new 8% internal loan, half in Polish
marks and half in gold francs. Such a loan is believed to have chances of
success, as depreciation in the Polish mark would mean an increase in the
value of the other half of the loan. The new loan will be Poland's first step
toward the introduction of gold money.
DANISH PARLIAMENT RATIFIES PLANS FOR RECONSTRUCTION OF LANDSMANDSBANK OF
COPENHAGEN.
The ratification by the Danish Parliament of plans regarding the reconstruction of the Landsmandsbank of Copenhagen (to which reference was made in our issue of Saturday
last, page 1377) was announced in the following telegram
received on Sept. 21 by the Royal Danish Legation at Washington:
Rigsdag have unanimously ratified plan
Both chambers of the Danish
Landsmandsbanken. The new preferred capital subfor supporting the
will be 70,000,000 kroner instead of
scrioed for the Landsmandshanken
of the 35,000,000 subscribed by the
100,000,000 kroner, as 30,000,000
reserve fund wnen the old share capital
National Bank will be paid in as a
written down. There is no exciteof the Landsmandsbanken has been
exchange has gone up.
ment whatever and the Danish rate of
LITHUANIA TO HAVE BANK OF ISSUE.
The Foreign Department of Moody's Investors' Service
has been advised as follows:
estabThe National Diet of Lithuania has passed a law authorizing the
Ministries for
lishment of the Bank of Lithuania, "to be organized by the
curFinance and Commerce for the purpose of creating a stable national
rency." The bank is to have a capitalization of 6,000,000 Lits, consisting
of 60,000 shares of 100 Lits par value, and will have the privilege of issuing
NEW ISSUE OF $75,000,000 FEDERAL LAND BANK
BONDS.
An offering for public subscription of a new issue of $75.000,000 432% Federal Land Bank bonds was announced Oil
Monday last (Sept. 25) by a nation-wide group composed of
the twelve Federal Land Banks, investment houses, institutions and dealers headed by Alex. Brown & Sons of Baltimore, Harris, Forbes & Co., Brown Brothers & Co., Lee,
Higginson & Co., the National City Company and the
Guaranty Company of New York. The public offering
followed the announcement by Secretary of the Treasury
Mellon on the 24th of the intention to market the bonds.
They were quickly disposed of, the books, which were opened
at 10 a. in., having been closed by noon the same day as a
result of the oversubscription. The present is the third
offering of Federal Land Banks the present year; the earlier
offerings were likewise for $75,000,000 each, and the respective announcements were made in these columns Feb. 11,
page 568, and May 13, page 2072. At the time of the latter
offering an additional $42,000,000 Federal Land Bank bonds
were disposed of, these additional bonds, as stated by Federal Farm Loan Commissioner Lobdell (see our issue of
June 3, page 2418), "having had to do with Treasury retirements of bonds that had already been issued and sold to
the Treasury by the several banks." This week's issue of
$75,000,000 ten-twenty-year bonds were offered at 101M
and interest, to yield over 4.30% to the redeemable date
(1932) and 4/
32% thereafter to redemption or maturity.
These bonds are exempt from Federal, State, municipal and
local taxation. They are dated May 1 1922, are not redeernable before May 1 1932, and mature May 1 1942.
Interest is payable May 1 and Nov. 1 at any Federal Land
Bank or Federal Reserve Bank, and principal is payable at
the bank of issue. The bonds are in coupon and registered
form, interchangeable, in denominations of $10,000, $5,000,
$1,000, $500, $100 and $40 and are redeemable at par and
interest at any time after 10 years from the date of issue.
The following, taken from the official circular, is attributed
to sources believed to be reliable.
The Supreme Court of the United States has held: (a) that these banks
were legally created as part of the banking system of the United States:
1484
THE CHRONICLE
and (b) that the bonds issued by the banks are instrumentalities of the
United States Government and are exempt from Federal, State, municipal
and local taxation.
Issues of outstanding bonds dated prior to May 1921 are redeemable
five years from the date of issue. In order to meet the demand for longer
term securities, Congress enacted a statute authorizing the redemption
period on new issues to begin in the eleventh year from date ofissue instead
of in the sixty as heretofore. The bonds now offered are issued under this
authority.
Issuing Banks.—The twelve Federal Land Banks were organized by the
United States Government with an original $9,000,000 capital stock which
has since increased through the operation of the system to over $33,000,000.
Security.—These bonds, in addition to being obligations of the Federal
Land Banks, all twelve of which are primarily liable for interest and ultimately liable for the principal on each bond, are secured by collateral consisting of an equal amount of United States Government bonds,or mortgages
•on farm lands which must be:
(a) First mortgages, to an amount not exceeding 50% of the value of the
land and 20% of the value of the permanent improvements as appraised
by United States appraisers.
(b) Limited to $10,000 on any one mortgage.
(c) Gauranteed by the local National Farm Loan Association of which
the borrower is a member and stockholder. The stock of these associations
carries a double liability.
(d) Reduced each year by payment of part of the mortgage debt.
Values.—The conservatism en appraisils made for the Federal Land
Banks is indicated by the fact that, during the year ended Nov. 30 1921,
4,725 farms against which the banks had made loans totaling less than
$15,000,000 were actually sold for over $45,000,000.
Operation.—In four and one-half years of active operation the twelve
Federal Land Banks have been built up until on Aug. 31 1922 their capital
was $33,506,085; reserve, $2.532,500; surplus and undivided profits,
13,480,133; and total assets, $641,083,224. All twelve banks are on a
dividend-paying basis and every bank shows a surplus earned from its
operations.
Acceptable by Treasury.—These bonds are acceptable by the United States
Treasury as security for Government deposits including Postal Savings
funds.
Legal for Trust Funds.—The Federal Farm Loan Act provides tnat the
bonds shall be lawful investments for all fiduciary and trust funds under
the jurisdiction of the United States Government. They are eligible under
the laws of many of the States for investment of all public and private
funds and have been officially held eligible for investment by savings bank
in thirty-six States (listed on the back of the circular).
The United States Government owns over $4,200,000 of the capital stock
of the banks and the United States Treasury has purchased and now holds
overi$136,000,000 Federal Land Bank bond. The banks themselves are
under the direction and control of the Federal Farm Loan Board, a bureau
of the Treasury Department of the United States Government.
The following is the consolidated statement of condition
of the twelve Federal Land Banks at the close of business
Aug. 31 1922 (as officially reported by the Federal Farm
Loan Board):
Assets.
Net mortgage loans
$571,951,493 72
Accrued interest on mortgage loans (not matured)
10,211.667 77
U. S. Government bonds and securities
49,149,242 23
Accrued interest on bonds and securities (not matured)__ _
794,955 64
Farm Loan bonds on hand (unsold)
1,074,405 00
Accrued interest on Farm Loan bonds on hand (not
matured)
13,368 20
Other accrued interest (uncollected)
128,346 19
Notes receivable, acceptances, ,kc
386,748 16
Cash on hand and in banks
3,953,844 89
Accounts receivable
98,274 19
Installments matured (in process of collection)
1,140,1313 69
Banking houses
434.194 49
Furniture and fixtures
163,519 84
Other assets
1.583,027 03
Total assets _______________________________________ $641,083,224 04
Liabilities.
Capital stock hold by
United States Government
$4,264,880 00
National Farm Loan Associations
29,117,840 00
Borrowers through agents
118,475 00
Individual subscribers
4,890 00
Total capital stock _________________________________ 333,506,085 00
Reserve (from earnings)_______________________________
2,532,500 00
Surplus (from earnings)_______________________________
300,000 00
Farm Loan bonds authorized and issued
588,208,375 00
Accrued interest on Farm Loan bonds (not matured)
9,208,255 11
U. S. Government deposits
Notes payable
1,750,000 00
Due borrowers on uncompleted loans
290,550 01
Amortization installments paid in advance
680,275 65
bonds
Loan
Farm
(coupons
interest
on
Matured
not
presented)
199,355 01
Reserved for dividends unpaid
125,737 78
Other liabilities
1 ,101,957 89
Undivided profits
3,180,132 59
[voL. 115.
Joint Stock Land Bank(San Francisco, California)5% bonds.
The bonds are issued under the Federal Farm Loan Act;
$2,000,000 are dated May 1 1922, optional May 1 1932 and
due May 1 1952, while $1,000,000 are dated Nov. 1 1922,
optional Nov. 1 1932 and due Nov. 1 1952. They are
coupon bonds fully registerable and interchangeable and are
in denomination of $1,000. Interest is payable semiannually May 1 and Nov. 1. Principal and interest are
payable at the California Joint Stock Land Bank or at the
office of its fiscal agent in New York City. The bonds are
legal investment for all fiduciary and trust funds under the
jurisdiction of the Federal Government and acceptable
as security for Postal Savings and other deposits of Government funds. They are exempt from Federal, State, municipal and local. taxation. The Bank operates in California
and Oregon.
CONNECTICUT BANKERS UNALTERABLY OPPOSED
TO BRANCH BANKING.
Unalterable opposition to the establishment of branch
banks in Connecticut is expressed in resolutions, as follows,
passed by an almost unanimous vote at a joint meeting in
New Haven on Sept. 22 of the Connecticut Bankers' Association and the Connecticut Association of State Banks and
Trust Companies:
Whereas, The American Bankers' Association and many other banking
associations throughout the country have placed themselves on record,
innumerable times, as being strongly opposed to branch banking, either
national or State; stating in their resolutions that branch banking is detrimental to the best intez ests of the people and contrary to the American
system of banking;
Now, Therefore, Be It Resolved, That the Connecticut Bankers' Association and the Connecticut Association of State Banks and Trust Companies
desire to go upon record as being unalterably opposed co the establishment
of branch banks in the State of Connecticut for the reason that the establishment of such branches is contrary to the established custom of the
State of Connecticut and is against public policy.
And Be It Further Resolved, That each of the above Associations hereby
records its opposition to the establishment of branch banks, either State
or national, for the reason that branch banking is detrimental to the best
interests of the people 3f our country and contrary to the Amarican system
of banking.
And Be It Further Resolved, That the officers and committees of both
associations be and they are hereby instructed to prepare legislation that
will clarify the law and positively prohibit branch banks in Connecticut
and present same to the next General Assembly.
In our issue of Sept. 16 (page 1269), we referred to the
views in the matter of the Association of Missouri Banks and
Trust Companies Opposed to Branch Banking and to the
Capper-Dyer bill designed to prohibit the maintenance or
operation of branches by national banks.
NEW YORK STOCK EXCHANGE RESOLUTIONS
GOVERNING OPERATIONS OF SPECIALISTS.
Two resolutions were adopted by the committees of the
New York Stock Exchange on Thursday, Sept. 28, designed
more closely to safeguard the operations of specialists.
One of these has to do with the taking or supplying of stock
on orders accepted for execution by a specialist from another
member of the Exchange, while the other concerns the
book of a specialist, a member temporarily possessing the
same being held to stand in the same relationship to the
book as the specialist himself. Announcement of the adoption of the resolutions was made as follows by Secretary
E. V. D. Cox:
Sept. 28 1922.
To the Members:—At a meeting of the Governing Committee held Sept. 28
following
the
was
1922
adopted:
"Resolved, That it is the opinion of the Governing Committee tnat under
the resolution of March 30 1910 a member of the Exchange while acting
as a broker, either as a specialkt or otherwise, may take or supply stock on
orders which have been accepted by nim for execution from another member
or Stock Exchange firm, provided the price at which the stock is taken or
supplied is justified by the conditions of the market, and provided that the
member or firm giving the order, or a broker authorized to act for such
member or firm, having been notified as soon as possible, accepts the
trade and reports it.
The Committee of Arrangements reported the adoption of the following:
"That in the opinion of the Committee of Arrangements when a member
the Excnango either takes the book of a specialist temporarily or an
Total liabilities
$641,083 224 04 of
member, he shall, while he is in possession of tnat book or
Federal Land Bank bonds havo been officially held eligible for invest- order from any
and for the balance of that particular day stand in the same relation•ment by savings banks in the following States: Alabama, Arkansas, order,
or order as the specialist or other member himself.
•Colorado, Delaware, Florida, Georgia, Idaho, Indiana, Kentucky, ship to the book
"Violation of the above may subject the member to the penalties set forth
Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi,
XVII of the Constitution."
Article
of
Section
6
in
'Missouri, Nebraska. New Hampshire, New Jersey, North Carolina,
E. V. D. COX, Secretary.
Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina,
The following regarding the resolutions is taken from the
South Dakota, Tennessee, Texas, Utah, Vermont, Vriginia, Washington,
'West Virginia, Wisconsin, Wyoming.
"Times" of yesterday (Sept. 29):
New York
'OFFERING OF CALIFORNIA JOINT STOCK LAND
- BANK BONDS.
William R. Compton Co. of New York, Harris, Forbes &
Co., New York, Halsey, Stuart & Co., Inc., of New York,
and the Bank of Italy of San Francisco, yesterday (Sept. 29)
,offered at 103 -and accrued interest, to yield over 4.60%
tooptional maturity and 5% thereafter,$3,000,000 California
The first resolution definitely ties the hands of the specialist in making an
arbitrary price for a stock, because the price must be accepted by the broker
representing the purchaser and seller. Heretofore, under certain unsettled
market conditions, where there are no orders for a stock on the specialist's
books, he could make an arbitrary price when an order was received to buy
or sell stock "at the market." Under the terms of the new resolution, this
price must be agreeable to the buyer or seller of the stock, who must be
notified "as soon as possible" after the transfer is made.
The second resolution is to more securely safeguard the books of the
specialist, who holds in this book the record of advance orders of his
SEPT. 30 1922.]
THE CHRONICLE
1485
TO FEDERAL REwhich have
stock, to be sold or purchased, and including the "stop orders" informa- STATE INSTITUTIONS ADMITTED
M.
been placed on the books. This, of course, is the most valuable
SYSTE
SERVE
Under
tion that any one interested in the price of the stock could obtain.
least, to turn
The following institutions were admitted to the Federal
the old plan it has been the policy of some of the specialists, at
or when called
their books over to a fellow broker when going out to lunch,
e System in the three weeks ended Sept. 22:
Reserv
the
the order of
away from the floor of the Exchange. By the terms of
book,
's
specialist
Committee of Arrangements, any one who has seen the
Surplus.
Capital.
District No. 2—
to buy and
on any one particular day, and is fully aware of the orders that day in New York Life Insurance & Trust Co.,
of
balance
the
d
for
be
considere
to
is
sell which it contains,
$1,000.000 $2,000,000
New York, N. Y
contain, as the
the same relationship to the book and the orders it may
Perth Amboy Trust Co., Perth Amspecialist himself.
200,000
200,000
boy, N. J
tion by GoverThe problems of the specialist have been under considera
5—
No.
admitted
District
is
It
months.
e
several
for
Exchang
nors of the New York Stock
75,000
25.000
his business The Peoples Bank, Bishopsville, S. C
by them, of course, that the specialist, in many eases, transacts is breaking Bank of Harper's Ferry, Harper's Ferry,
market
6,000
under very trying conditions, particularly when the
25,000
W. Va
of the Governors
badly or advancing rapidly. However, it is the belief
9
--No.
although
District
,
specialist
the
of
t
detrimen
to
the
that the new rules will not work
which have been Minnetonka State Bank, Excelsior,
10,000
they will restrict him in some certain directions of activity practices.
25,000
Minn
followed for many years, and which have become common
District No. 12—
5,000
50,000
Bank of Prineville, Prineville, Ore
Total
Resources.
$31,757,906
4,515.767
332,377
165.163
507.721
184,126
BROKERS' LOANS NOT AT PEAK.
(From the "Wall Street Journal" of Sept. 26.1
that brokers'
The statement has appeared in certain newspapers recently
so, at the high point
loans are, or have been within the past month or
t. Brokers' loans,
of $2,000,000,000. This is an erroneous statemen trading, have not
of
volume
and
increased
prices
security
higher
despite
when borrowings amounted
yet reached the peak point attained in July 1919,
brokers' loans did cross the
to about $1,750,000,000. A few weeks ago,
in the past few weeks, so
$1,700,000,000 mark, but loans have declined
that the total now is about $1,600,000,000.
curities markets recently
The activities of marginal traders in the .se
credit. On the other band,
have naturally absorbed a large volume of
nt buying by wealthy
there has been an enormous amount of investme
outright, to be put away
individuals who purchased stocks and bonds
do not appear in the
in strong boxes. The latter operations naturally
estimate, giving brokers'
loan account. It is thought that the incorrect
recent activity of the market.
loans at $2,000,000,000, was based upon the
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The Federal Reserve Board has granted permission to the
following institutions to exercise trust powers:
The Merchants' National Bank of Plattsburgh, Plattsburgh, N. Y.
The City National Bank of Atchison, Atchison, Kan.
The Martin County National Bank, Fairmont. Minn.
REDEMPTION OF TREASURY CERTIFICATES OF
INDEBTEDNESS PRIOR TO MATURITY.
Secretary of the Treasury authorizes the Federal Reserve
beginning September 25, and until further notice,
Banks,
SCOTT, NEW YORK, to redeem in cash before October 16 1922, at the holder's
option, at par and accrued interest to the date of such
BROKERAGE FIRM OF KING
FAILS.
in bankruptcy was optional redemption, Treasury certificates of indebtedness
On Sept. 25 an involuntary petition
against the broker- of Series D-1922, dated April 15 1922, maturing Oct. 16 1922.
Court
t
filed in the United States Distric
Street, this city.
57th
West
250
at
Scott
&
King
of
The Federal Reserve Bank of New York, announces that
age firm
CURB BROKERS,
EDWARD BRADY & CO., BOSTON
FAIL.
filed in the
An involuntary petition in bankruptcy was
(Sept. 26)
week
this
of
y
Tuesda
on
Court
t
Federal Distric
, with ofbrokers
Curb
Boston
Co.,
against Edward Brady &
consisted of Edward
firm
The
Street.
ire
Devonsh
45
at
fices
office at 42
and William J. Brady and maintained a branch
, of which
Market
Curb
Broadway, this city. The New York
firm from
the
ded
suspen
27
Sept.
on
,
member
a
It was also
body.
regular membership in that
IN BANKWINTHROP SMITH & CO., NEW YORK,
RUPTCY.
on Sept.
An involuntary petition in bankruptcy was filed
at 1540
'9 against Winthrop Smith & Co., stock brokers,
of Dr. Leoned
consist
firm
failed
The
city.
this
ay,
Broadw
Cannon
ard Keene Hirschberg, Winthrop Smith, Bernard
office,
and Charles Gale, and in addition to its New York
(N.
Elmira
re,
Baltimo
C.,
D.
gton,
Washin
in
s
had branche
Va.).
(W.
sburg
Martin
and
Y.), Cleveland, Harrisburg
the
According to the New York "Herald" of Sept. 21, when
were
assets
and
ies
liabilit
the
ptcy
bankru
into
firm went
*estimated at $100,000 and $20,000, respectively, but Thomas
H. Matters, Jr., the receiver, who has been investigating the
ies
company's affairs, stated on Sept. 20 that the liabilit
would be in excess of $1,000,000. Two of the partners of the
under
failed firm, Dr. Hirshberg and Winthrop Smith, are
indictment on a charge of using the mails to defraud.
BANKS IN
CHECKS ON CERTAIN NON-MEMBER STATE
NORTH CAROLINA TEMPORARILY UNACCEPTABLE FOR COLLECTION BY FEDERAL RESERVE BANK OF NEW YORK.
Reserve Bank of New York made public on
Federal
The
non-member State banks and trust
Sept. 16 a revised list of
Carolina checks drawn on which
companies located in North
d by the Reserve Bank for
accepte
be
present
cannot for the
list, Governor Strong exthe
public
collection. In making
r:
therefo
reason
the
follows
plains as
ons have
certificates of this issue received by it prior to the maturity
date (Oct. 16 1922) will be held for redemption on October 16
unless request is made for immediate redemption with interest
to the date of redemption.
INCREASE IN ISSUE PRICE OF TREASURY SAVINGS
CERTIFICATES.
Secretary of the Treasury Mellon announced on Sept.. 15
that the issue price of Treasury Savings Certificates would
be increased on Oct. 1 to $20 50 for the $25 certificate, $82
for the $100 certificate and $820 for the $1,000 certificate.
The current issue of certificates, which is being sold at $20 for
a $25 certificate, $80 for a 8100 certificate and 8800 for a
81,000 certificate, will be withdrawn from sale to-day (Sept.
30) in favor of the new certificates. Treasury savings
stamps, non-interest bearing, which are now on sale in the
denomination of $1, will likewise be withdrawn from sale at
the close of business to-day, (Sept.30.) The increase in the
issue price of the Treasury Savings Certificates, it was announced,.will readjust the interest rates on Treasury Certificates to conform to present interest levels in the general
market. "At the new prices," Mr. Mellon said, "Treasury
Savings Certificates will yield about 4% compounded semiannually if held to maturity and about 3% simple interest
if redeemed before maturity. "With sales satisfactorily
established on.a going basis," he added, "and with the improvement that has taken place in the investment markets,
the time has come to readjust the interest basis on which the
certificates are sold." "The new certificates," he stated,
will be dated September 30 1922 to distinguish them from
the certificates on sale at $20, $80 and $800, respectively,
and are dated December 15 1921." Secretary Mellon also
said:
y injunction widen these instituti
This is due to a temporar Carolina restraining tne Federal Reserve
obtained in the State of North
returning as dishonored any checks drawn upon
Bank of Richmond from
ngs,
institutions joining the injunction proceedi
any one of the banking
to pay except in exchange at less taan par.
whicn the drawee bank refuses
page
last
the
at the end of the list on
The banks whose names are added
injunction suit, but, nevertheless, have
have not become parties to the
of Richmond their intention to take
signified to the Federal Reserve Bank
statute by refusing to remit at par In
advantage of the North Carolina
money, checks presented to them by its
exchange, and refusing to pay in
checks drawn upon these banks.
handle
cannot
,
therefore
We,
agents.
by us with a /lame of disEvery such check weuld necessarily be returned
honor after presentation.
tes was first placed on
"The current issue of Treasury Savings Certifica
to about $115,000,000
sale Dec. 15 1921, and since tht date certificates up
running at the rate of
been
have
(maturity value) have been sold. Sales
and there is every evidence
about $15,000,000 maturity value per month
e to investors.
that the certificates have proven increasingly attractivbe highly
to
attractive
"At the new prices the certificates should continue save
to
systematically,
desire
who
to investors, particularly small investors
the continued co-operaand the Treasury looks forward with confidence to
sales.
tion of all helpful agencies in promoting their
certificates will correspond in all
"Apart from the change in price the new
es now on sale. Each certificate
essential respects to the new certificat
issue, but may be redeemed at the
matures five years from the date of its
at the value indicated on the
option of the holder at any time after issue issued in only registered form
back of the certificates. The certificates are theft and are exempt from
and
in order to afford protection against loss
and local taxation (except
the normal Federal income tax and from all Stare
amount of Treasury Savings
estate or inheritance taxes). The aggregate
be held by any one person at any one
Certificates of any one series that may
this purpose the certificates
time is limited to $5,000 maturity value and for
whatever the issue. or the issue price,
issued within any one calendar year,
constitute one series."
•
1486
THE CHRONICLE
PROTEST BY MURRAY HULBERT TO INCREASE IN
ISSUE PRICE4 OF TREASURY SAVINGS
CERTIFICATES.
Following the announcement of the proposed increase in
the issue price of Treasury Savings Certificates, as a result
of which the yield therefrom would be reduced from 4 to 3%,
Murray Hulbert, President of the New York Board of Aldermen,sent the following telegram to Secretary of the Treasury
Mellon protesting against the change:
"At the request of Mayor Hylan I took charge of the campaign to encourage thrift among the 80,000 employees of the City of New York, their
families and friends. I deem it a duty to protest against the reported ruling
Os the Treasury Department to reduce rate oi interest on Treasury Saving Certificates, effective Oct. 1 next. The proposed action prompts the
inquiry whether the Government conceived and inaugurated the Treasury
Savings Certificates to encourage thrift or borrow money at the lowest
rate possible.
"The small saving in interest on the part of the Government will be more
than offset by tne deterrent effect upon the investor in Treasury Saving
Certificates because the psychology of their purchase is based upon their
being purchasable with a $20 bill or multiples thereof.
"I thought the original purpose of the Government in selling this class of
certificates was to encourage saving on the part of the wage earner, and,
in my judgment, such a policy should not be changed if thrift and saving
among the people is to be encouraged."
MURRAY HULBERT, President of Board of Aldermen,
New York City.
ACCOMPLISHMENTS OF CONGRESS.
The adjournment of the second session of the SixtySeventh Congress on Friday, Sept. 22, was noted by us last
week, page 1384. The closing day was marked by the
usual discourses as to the accomplishments of the session
and its failures; Senator Smoot, in telling of what had been
done, said:
[VOL. 115.
It is a case of disappointment, sympathy and chagrin more than delight.
Tne Congress ends with a record of increased taxes on the already burdened
masses. It ends with increased costs of living to the consumers. It ends
with a failure to carry out pledges to the vallent soldiers of the late war.
It ands with re3rganization and efficiency in Government untouched. It
ends with stronger guarantees and broader freedom to the protected interests to extort in greater degree higher prices to enslave and rob the many.
It ends with the assurance to the laboring man that the Republican Party
will continue to favor the employer against him, and to disregard his every
interest with respect to reasonable hours, fair wages and humane consideration. It ends in an orgy of extravagance and a reckless disregard of economy. It ends with an utter repudiation of civil service and preferential
rights to the heroes of the late war. It ends as the most reactionary Congress since the time at Aldrich, and the most subservient to executive dictation since the days of Roosevelt.
"It has proven itself to be spineless, leaderless, without courage, program
or purpose. It adjourns in a blaze of broken promises. wita a silent and
disconsAate procession of mourners returning to their respective constituents with their morale broken, their lines divided and their hopes dissipated.
A sad reception awaits you—an insurmountable task of explanation confronts YOU."
A dispatch from Washington Sept. 22 regarding the
achievements of the late session was published as follows by
the New York "Times:"
Passage of the permanent Tariff Revision and Soldiers' Bonus Bills
probably were the chief features of the session of Congress which began
Dec. 5 last and ended to-day. The Washington Conference for Limitation of Armament, and Far Eastern questions, and the railroad and coal
strikes provided new and unexpected problems to deal with.
The naval limitation and a half-dozen other conference treaties were ratified by the Senate last March after weeks of debate, delaying other legislation, and about as many weeks were required for conferences and legislation
growing out of the two strikes—the Federal Coal Commission and coal
regulation and distribution bills.
Scores of other new laws were made, and a dozen regular and several
special appropriation bills, carrying upward of $2,250,000,000, wete passed.
The tariff discussion began April 11, and broke all Congressional records
for a continuous legislative day, through daily recesses without a single
adjournment from April 20 to Aug. 2. The abortive effort for Senate
closure, still pending, and the row over appointment of Nat Goldstein to be
St. Louis Internal Revenue Collector, were other features.
Headed by the Tariff bill, the session's more important legislation provided for:
Creation of the Allied Debt Funding Commission.
Appropriation of $20,000,000 for Russian relief.
Appointment of a "dirt farmer" on the Federal Reserve Board.
Co-operative marketing by farmers.
Regulation of grain futures, so as to meet the Supreme Court decision
making the original Capper-Tincher law imoperative.
Creation of twenty-five more Federal Judges.
Extension of the 3% immigrati m quota law for two years.
Scrapping of naval vessels in accord with the arms conference treaties.
Reorganization of the Patent Office with an increase in its force.
Reorganization of the basis of pay of army, navy and marine officers.
Decrease in personnel and expense of the army and navy.
Monthly payment of pensions.
Development of rivers and harbors.
Appropriation of$7,500,000 to continue work on the Muscle Shoals power
project.
Appropriation of $1,500,000 to loan farmers for seed grain.
Appropriation of $500,000 for prosecution of war frauds.
Continuation of the wartime bonus pay of Federal employees.
The Congress has completed eighteen months of constructive legi, lation
which is without parallel in the history of this country. No Congress ever
came into power facing such chaotic conditions calling for deliberate and
constructive efforts.
The Republican Party was pledged to give the country constructive legislation. No Congress has ever enacted a greater percentage of legislation
promised by its party. Consider its record.
First, and of vital importance, it has enacted no destructive, no sectional, no class legislation.
To put more business in Government it enacted the Budget Law, under
which the economy program of this Administration was made possible.
It reduced the public taxes $818.000,000 a year, the bulk of which is
lifted from the family and individual of average income. That taxes
might be still further reduced, it unsparingly cut public appropriations.
It found 5,000,000 idle. To prevent further aggravation of the unemployment situation it enacted the restrictive immigration law.
It found agriculture facing ruin. To relieve the situation it revived
the War Finance Corporation and furnished it with a billion dollar revolving fund to loan the farmer in his emergency. It passed the Farmers'
Emergency tariff, which stopped the flood of imports that was contributing
to agricultural distress. It increased the funds of the Federal Farm Loan
Bank in the sum of $25,000,000.
An Associated Press dispatch from Washington Sept. 22
The result was the revival of agriculture, which brought the farmer,
who purchases 40% of the manufactured products of the country, again stated:
into the market, thus giving employment to idle men.
Statistical sharps to-night were busy calculating the work of the session,
It enacted a permanent tariff which insures industry and agriculture
was enactment of the tariff law and passage of the Solalike protection from destructive foreign competition, and the working prominent in which
diers' Bonus bill with its death after the President veto. About 300 laws
man steady employment at a good wage.
been enacted out of 3,498 bills and 358 resolutions introIt enacted the Sweet Law, which created the Veteran's Bureau, con- were siad to have
and 1,249 bills and about 280 resolutions in the Senate.
solidating all Government agencies dealing with ex-service men, and duced in the House
the session aggregated over $2,250,000,000, and, with
facilitating the work of relieving disabled war veterans. It appropriated Appropriations of
authorizations, $3,751,917,000 was made available for the Government's
for use of that bureau more money than was appropriated for any other
fiscal year needs. About 9,000 nominations were sent to the Senate by
Purpose except payment of the public debt and interest thereon.
Harding, which were centirmeed with but few exceptions.
President
It found the country officially in a state of war with Germany and
Austro-Hungary, and, by a joint resolution, re-established peace with
these two nations.
It enacted tnat great piece of humanitarian legislation asked by the
women of the country, the Maternity Act to safeguard the welfare of TEXT OF SOLDIER BONUS BILL AS VETOED BY THE
PRESIDENT.
Infancy and maternity.
It created a refunding commission to place our foreign loans on a
As a matter of record for the future, because of the extreme
business-like basis, and formulate conditions for the payment.
It authorized the formation of co-operative marketing associations, interest attaching to the matter and because we have not
which will be of mutual benefit to the producer of food and to the con- seen the bill in its final shape published anywhere else, we
sumer. It enacted the Packers and Stockyards Act for the live stock
give below the full text of the Soldier Bonus bill in the form
interests, and the Grain Futures Act for the farmer.
To promote our foreign trade, it amended the Edge Act to facilitate vetoed by the President. The veto message was published by
the organization of corporations engaging in export business.
us last week on page 1384.
It provided for the reorganization of the Philippine financial system,
ACT to provide adjusted compensation for veterans of the World War.
AN
order
to
credit
in.
save the islands from
and an extension of Philippine
and for other purposes.
bankruptcy, which they were facing as a result of eight years of GovernBe it enacted by the Senate and House of Representatives of the United
ment under the Democratic regime.
America in Congress assembled,
It came to relief of drought-stricken areas in our own country, extended States of
TITLE I.—DEFINITIONS.
the time payment due on irrigation and reclamation projects, granted
liberal aid for public roads, extended relief to the starving millions of
Section 1. This Act may be cited as the "World War Adjusted ComRussia, reorganized the Indian Bureau, strengthened the enforcement of pensation Act."
the Federal Prohibition Amendment, provided for the creation of more
Sec. 2. As used in this Act—
Federal courts in order to relieve the congestion of business and expedite
(a) The term "veteran" includes any individual, a member of the
investigate
the
coal
industry.
Justice, and created a commission to
military or naval forces of the United States at any time after Arpil 5
In addition, the United States Senate in less than thirty days ratified 1917, and before Nov. 12 1918, but does not include (1) any individual
seven treaties formulated at the Arms Conference, which moved the world at any time during such period or thereafter separated from such forces
toward peace, and committed the nations to a reduction of naval arma- under other than honorable conditions, (2) any conscientious objector
ment and a consequent reduction in taxation.
who performed no military duty whatever or refused to wear the uniform,
I could stand here for one solid hour and rehearse what has been ac- or (3) any alien at any time during such period or thereafter discharged
complished by this Administration, and I say, without a question of from the military or naval forces on account of his alienage,
doubt, that no Legislature that ever met has passed so many beneficial
(b) The term "oversea service" means service on shore in Europe or
laws as has the present Congress under this Administration. .
Asia, exclusive of China, Japan, and the Philippine Islands, and service
Senator Harrison on the other hand for the Democrats, afloat, not on receiving ships, including in either case the period from
the date of embarkation for such service to the date of disembarkation
declared that "this Congress closes in a shroud of disap- on
return from such service, both dates inclusive,
pointment." He idded:
(c) The term "home service" means all service not oversea service,
pathetic.
is
problems
Democrats
Its failure to solve vital and pressing
(d) The term "adjusted service credit" means the amount of the credit
are not hilarious, because they have the interest of the country at heart. computed under the provisions of Title II, and
SEPT. 30 1922.]
THE CHRONICLE
(e) The term "person" includes a partnership, corporation, or association, as well as an individual.
TITLE IL—ADJUSTED SERVICE CREDIT.
Sec. 201. The amount of adjusted service credit shall be computed
by allowing the following sums for each day of active service, in excess
of sixty days. in the military or naval forces of the United States after
April 5 1917, and before July 1 1919, as shown by the service or other
record of the veteran: $1 25 for each day of oversea service. and $1 for
each day of home service, but the amount of the credit of a veteran who
performed no oversea service shall not exceed 3500, and the amount of
the credit of a veteran who performed any oversea service shall not exceed
•
$625.
Sec. 202. In computing the adjusted service credit no allowance shall
be made to—
(a) Any commissioned officer above the grade of captain in the Army
or Marine Corps, liutenant in the Navy, first lieutenant or first lieutenant
of engineers in the Coast Guard, or passed assistant surgeon in the Public
Health Service, or having the pay and allowances, if not the rank, of any
officer superior in rank to any of such grades—in each case for the period
of service as such,
(b) Any individual holding a permanent or provisional commission
or permanent or acting warrant in any branch of the military or naval
forces, or (while holding such commission or warrant) serving under a
temporary commission in a higher grade—in each case for the period of
service under such commission or warrant or in such higher grade after
the accrual of the right to pay thereunder. This subdivision shall not
apply to any noncommissioned officer.
(c) Any civilian officer or employee of any branch of the military or
naval forces,contract surgeon,cadet of the United States Military Academy,
midshipman, cadet of the Coast Guard, member of the Reserve Officers'
Training Corps, member of the Students' Army Training Corps (except
an enlisted man detailed thereto), Philippine Scout, member of the Philippine Guard, member of the Philippine Constabulary, member of the Porto
Rico Regiment of Infantry, member of the National Guard of Hawaii,
member of the insular force of the Navy, member of the Samoan native
guard and band of the Navy, or Indian Scout—in each case for the period
of service as such,
(d) Any individual entering the military or naval forces after Nov. 11
1918—for any period after such entrance,
(e) Any commissioned or warrant officer performing home service not
with troops and receiving commutation of quarters or of subsistence—
for the period of such service.
(f) Any member of the Public Health Service—for any period during
which he was not detailed for duty with the Army or the Navy,
(g) Any individual granted a farm or industrial furlough—for the period
of such furlough; or
(h) Any individual detailed for work on roads or other highway construction or repair work—for the period during which his pay was equalized to
conform to the compensaLion paid to civilian employees in the same or like
employment, pursuant to the provisions of section 9 of the Act entitled
"An Act making appropriations for the service of the Post Office Department for the fiscal year ending June 30 1920, and for other purposes,"
approved Feb. 28 1919.
Sec. 203. (a) The periods referred to in subdivision (e) of section 202 may
be included in the case of any individual if and to the extent that the Secretary of War and the Secretary of the Navy jointly find that such service
subjected such individual to exceptional hazard. A full statement of all
action under this subdivision shall be included in the reports of the Secretary of War and the Secretary of the Navy required by section 307.
(b) In computing the credit to any veteran under tnis title effect shall be
given to all subdivisions of section 202 which are applicable.
(c) If part of the service is oversea service and part is borne service, the
home service shall first be used in computing the sixty days' period referred
to in section 201.
(d) For the purpose of computing the sixty days' period referred to in
section 201, any period of service after April 5 1917 and before July 1 1919
in the military or naval forces in any capacity may be included, notwithstanding allowance of credit for such period, or a part thereof, is prohibited
under the provisions of section 202, except that the periods referred to in
subdivisions (b), (c) and (d) of that section shalt not be included.
(e) For the purposes of section 201.in the case of members ofthe National
Guard or of the National Guard Reserve called into service by the proclamation of the President dated July 3 1917, the time of service between the
date of call into the service as specified in such proclamation and Aug. 5
1917, both dates inclusive, shall be deemed to be active service in the military or naval forces of the United States.
1487
(1) That the applicant is a veteran,
(2) His name and address,
(3) The plan chosen, and
(4) The amount of his adjusted service credit.
(b) Upon receipt of such certificate the officer to which it is transmitted
shall proceed to extend to the veteran the benefits conferred by the plan
chosen, as provided for in this Act.
Publicity.
Sec. 304. (a) The Secretary of War and the Secretary of the Navy shall,
as soon as practicable after the passage of this Act,jointly prepare and publish a pamphlet or pamphlets containing a digest and explanation of the
provisions of this Act, accompanied by such statements as to the comparative advantages of each of the plans enumerated in section 301 as may be
of assistance to veterans in making their choice among such plans, and shall
from time to time thereafter jointly prepare and publish such additional
or supplementary information as may be found necessary.
(b) The officer having charge of the administration of any plan or part
thereof enumerated in section 301 shall transmit to the Secretary of War
and the Secretary of the Navy as soon as practicable after the passage of
this Act full information and explanations as to the matters of which such
officer has charge, which shall be considered by the Secretary of War and
the Secretary of the Navy in preparing the publications referred to in
subdivision (a).
(c) The publications provided for in subdivision (a) shall be distributed
in such manner as the Secretary of War and the Secretary of the Navy
may determine to be most effective to inform veterans of their rights under
this Act.
Statistics.
Sec. 305. Immediately upon the passage of this Act the Secretary of War
and the Secretary of the Navy shall ascertain the individuals who are veterans as defined in section 2, and, as to each veteran, the number of days
of oversea service and of home service, as defined in section 2, for which
he is entitled to receive adjusted credit, and their findings shall not be
subject to review by the General Accounting Office, and payments made
by disbursing officers of the War and Navy Departments made in accordance with such findings shall be passed to their credit.
Administrative Regulations.
Sec. 306. Any officer charged with any function under this Act shall
make such regulations, not inconsistent with this Act, as may be necessary to the efficient administration of such function.
Reports.
Sec. 307. Any officer charged with the administration of any plan under
this Act, or of any part thereof, shall make a full report to Congress on the
first Monday of December of each year.
Exemption from Attachment and Taxation.
Sec. 308. No sum payable under this Act to a veteran, or to his estate,
or to any beneficiary named under Title,V, no adjusted service certificate,
and no proceeds of any loan made on such certificate, shall be subject to
attachment, levy or seizure under any legal or equitable process, or to
national or State taxation.
Unlawful Fees.
Sec. 309. Any person who charges or collects, or attempts to charge or
collect, either directly or indirectly, any fee or other compensation for
assisting in any manner a veteran in obtaining any of the benefits, privileges
or loans to which he is entitled under the provisions of this Act shall, upon
conviction thereof, be subject to a fine of not more than $500, or imprisonment for not more than one year or both.
TITLE IV.—ADJUSTED SERVICE PAY.
Sec. 401. There &lett be paid to any veteran, as soon as practicable
after receipt of an appl!catbn in accordance with the provisions of Section
302, and in addition to any other amounts due him in pursuance oflaw,the
amount of his adjusted service credit, if, and only if, such credit is not more
than 350.
Sec. 402. Payment shall be made by the Secretary of War or the Secretary of the Navy according as to whether the veteran's service for which he
is entitled to receive adjusted service pay was with the military forces or
with the naval forces: Provided, That if sucn service of the veteran was in
both forces, he shall oe paid by the Secretary of War or the Secretary of the
Navy according to the force in which he first served during the compensable
period.
Sec. 403. If the veteran dies after making application in accordance
with the provisions of Section 302 or adjusted service pay and before receiving payment, payment shall be made to his estate.
Sec. 404. No right to adjusted service pay under the provisions of this
TITLE III.—GENERAL PROVISIONS.
title shall be assignable or serve as security for any loan. Any assignment or loan made in violation of the provisions of this section shall be held
Optional Plans.
Sec. 301. Each veteran shall have the right to avail himself of any one, void. The Secretary of War and the Secretary of the Navy shall not pay
the
amount of adjusted service pay to any person other than the veteran
but only one, of the following plans:
(1) To receive "adjusted service pay," as provided in Title IV; but the or his estate or such representative of the veteran as the Secretary of War
veteran cannot choose this plan if the amount of his adjusted service is and the Secretary of the Navy shall Jointly by regulation prescribe.
more than $50;
TITLE V.—ADJUSTED SERVICE CERTIFICATES.
(2) To receive an "adjusted service certificate," as provided in Title V:
Sec. 501. Tbe Secretary of the Treasury, upon certification from the
or
VI;
Title
in
provided
"vocational
as
training
aid."
(3) To receive
Secretary of War or the Secretary of the Navy, as provided in Section 303,
(4) To receive "farm or home aid," as provided in Title VII.
is hereby directed to issuelwithout cost to the veteran designated therein
an adjusted service certificate (hereinafter in this title referred to as a "cerApplication by Veteran.
tificate") of a face value equal to the sum of (1) the adjusted service credit
Sec. 302. (a) The veteran's choice among the plans enumerated in sec- of the
veteran increased by 25 per centum, plus (2) interest thereon for
tion 301 shall be made by application filed with the Secretary of War, if twenty years
at the rate of 4 i per centum per annum, compounded anhe is serving in, or his last service was with, the milita.ev forces; or with the nually (such
amount being approximately equal to 3.015 times the adjusted
Secretary of the Navy, if he is serving in, or his last service was with, the service
credit of the veteran). The certificate shall be dated, and all rights
naval forces.
conferred under the provisions of this title shall take effect as of, the 1st
not
if
before
or
Jan.
and
1928,
1
on
made
be
shall
application
Such
(b)
day of January or July (whichever first occurs) next succeeding the date of
made on or before such date shall be held void.
(2) in filing the application, but in no case before January 1. 1923. The veteran
(c) An application shall be made (1) personally by the veteran, or
shall name the beneficiary of the certificate and may from time to time, with
case physical or mental incapacity prevents the making of a personal appli- the approval
of the Secretary of the Treasury, alter such beneficiary.
as
veteran
in
and
manner
such
the
of
representative
such
cation, then by
the certifIcate is
by regu- The amount of the face value of the certificate (unless
the Secretary of War and the Secretary of the Navy shall jointly
canceled as hereinafter in this title provided) shall be payable (1) to the
lation prescribe. An application made by a representative other than one veteran twenty
(2)
or
upon the death
certificate,
years after the date of the
authorized by any such regulation shall be held void.
of the veteran prior to the expiration of such twenty-year period, to the
jointly
the
of
shall
Navy
Secretary
the
and
War
of
(d) The Secretary
beneficiary named; except that if such beneficiary dies before the veteran
make any regulations necessary to the efficient administration of the pro- and no new
beneficiary is named, or if the beneficiary in the first instance
visions of this section.
has not yet been named, the amount of the face value of the certificate
Plan.
of
Choice
Veteran's
of
shall
Proof
be paid to the estate of the veteran.
Sec. 303. (a) As soon as practicable after the receipt of a valid applicaLoan Privileges Before January 1 1926.
tion the Secretary of War or the Secretary of the Navy,as the case may be,
Sec. 502. (a) A loan may be made to any veteran holding a certificate
shall transmit to the Secretary of the Treasury, if the veteran has chosen
adjusted service certificate only in accordan adjusted service certificate, or to the Director of the United States prior to January 1 1926 upon his
section.
Veterans' Bureau if the veteran has chosen vocational training aid, or to ance with the previsions of this
(b) Any national bank,or any bank or trust company Incorporated under
the Secretary of the Interior if the veteran has chosen farm or home aid.
the laws of any State, Territory, possession, or the District of Columbia
a certificate setting forth—
1488
THE CHRONICLE
[Vora. 115.
(hereinafter in this section caned "bank"), is authorized to loan to any loan, at the rate of 434 per centum per annum, compounded
annually,: or
veteran upon his promissoey note secured by his adjusted service certificate
(b) If the loan is made at any time more than three years after and not
(with or without the consent of the beneficiary thereof) any amount not in more than six years after the date of the certificate, 85 per centum
of the
excess of 50 per centum of the loan basis (as defined in subdivision (f) of sum of(1)the adjusted service credit of the veteran plus (2) interest
thereon
this section) of the certificate, such loan to mature on or before December from the date of the certificate to the date of the making of the loan at
the
31 1925. The rate of interest charged upon the loan by the bank shall not rate of 43,6 per centum per annum, compounded annually; or
exceed, by more than 2 per centum per annum, the rate charged at the date
(c) If the loan is made at any time more than six years after the date of
of the loan for the discount of commercial paper under Section 13 of the certificate, 70 per centum of the sum of (1) the adjusted service credit of
Federal Reserve Act, by tne Federal Reserve bank for the Federal Reserve the veteran increased by 25 per centum, plus (2) interest thereon from the
district in which the bank is located. Any bank holding a note for a loan date of the certificate to the date of the making of the loan, at the rate of
under this section, secured by a certificate (whether the bank originally 434 per centum per annum, compounded annually.
making the loan or a bank to which the note and certificate have been transSec. 506. No certificate issued or right conferred under the provisions
ferred) may sell the note to, or discount or rediscount it with, any bank of this title shall, except as provided in Section 502 or 504, be negotiable
authorized to make a loan to a veteran under this section, and transfer or assignable or serve as security for a loan. Any negotiation, assignment,
the certificate to such bank. In case the note is sold the bank making the or loan made in violation of any provision of this section shall be held void.
sale shall promptly notify the veteran.
Sec. 507. In the case of the death of the veteran before the maturity of
(c) If the veteran does not pay the principal and interest of the loan within the loan, any Government loan made upon the certificate, and the note
six months after its maturity (or on or before December 311925, if the loan in respect thereto, shall be canceled; and the Secretary of the Treasury
matures on or after June 30 1925), the bank holding the note and certifi- shall deduct the amount of the unpaid principal and interest of the loan
cate shall present them to the Secretary of the Treasury not earlier than from the amount of the face value of the certificate in respect to which the
August 31 1925 and not later than January 15 1926. The Secretary shall loan is made, and the remainder shall be paid by the Secretary of the
thereupon cancel the note and pay to the bank the amount of the unpaid Treasury to the beneficiary named, or if no beneficiary is named, to the
principal due it, and the unpaid interest accrued, at the rate fixed in the estate of the veteran.
note, up to the date of the check issued to the bank. The Secretary shall
Sec. 508. Any certificate issued under the provisions of this title shall
restore the certificate to the veteran at any time prior to its maturity, upon have printed upon its face the conditions and terms upon which it is issued
receipt from him of (1) the amount paid by the United States to the bank in and to which it is subject, including loan values under Sections 502 and 505.
cancellation of his note, and (2) interest on such amount from time of such
Sec. 509. If the veteran dies after making application in accordance
payment to the date of such receipt, at 4% per centum per annum, com- with the provisions of Section 302 and before the issuance of a certificate
pounded annually.
to him, the amount of the adjusted service credit of the veteran shall be
(d) If the veteran dies before the maturity of the loan, the amount of the paid by the Secretary ot the Treasury to the benealciary named, or i1 no
unpaid principal and the unpaid interest accrued up to the date of his death, beneliciary is named, to the estate or the veteran.
shall be immediately due and payable. In such case, or if the veteran dies
Sec. 510. The certificate snail be canceled (a)if tile veteran fails to redeem
on the day the loan matures or within six months thereafter, or, in case the his certificate before its maturity, or (b)if he is in default upon any amount
loan matures on or after June 30 1925, if he dies on or after the day the loan due in respect to a loan secured by the certificate and such default continues
matures but before January 1 1926, the bank holding the note and certifi- to his death.
cate shall, upon notice of the death, present them to the Secretary, who shall
TITLE VI.—VOCATIONAL TRAINING AID.
thereupon cancel the note (but not the certificate) and pay to the bank,
In full satisfaction of its claim, the amount of the unpaid principal and unSec. 601. The Director of the United States Veterans' Bureau (hereinafter
paid interest, at the rate fixed in the note, accrued up to the date of the in this title referred to as the "Director") upon certification from the
check issued to the bank: except that if, prior to the payment, the bank is Secretary of War or the Secretary of the Navy, as provided in Section 303,
notified of the death by the Secretary of the Treasury and fails to present is hereby directed to pay to the veteran designated therein (if he is not
the certificate and note to the Secretary within fifteen days after the no- receiving the benefits of the Vocational Rehabilitation Act, as amended)
tice, such interest shall be only up to the fifteenth day after such notice. the sum of $1 75 for each day of his attendance (on or after January 11923).
The Secretary shall deduct the amount so paid from the face value (as de- on a course of vocational training previously approved by the Director as
termined under Section 501) of the certificate and pay the remainder in suitable for such veteran. Such payments shall be made without deduction
accordance with the provisions of Section 501.
for Sundays, holidays, or vacations not exceeding two weeks in duration,
(e) When any loan becomes in default, the bank holding the note shall or for absence for other cause which the Director deems justifiable; but the
within thirty days thereafter notify the Secretary of the Treasury of the total payment shall not exceed 140 per centum of the amount of the adjusted
facts relative to the note, the name of the veteran, and the number of his service credit of the veteran.
certificate.
Payments under this section shall be made monthly, or at more frequent
(f) The loan basis of any certificate at any time shall, for the purposes of Intervals, as the Director may determine generally or in special cases.
this section, be the amount of the adjusted service credit, plus interest
Sec. 602. The Director shall establish such regulations as will insure
thereon,from the date of the certificate to such time, at the rate of 43,5 per the regular attendance of the veteran on his course of training, and no
centum per annum, compounded annually.
sum or sums shall be payable under this title unless the Director has been
(g) No payment upon any note shall be made under this section by the furnished proof of such regular attendance. For each day of unjusifiablo
Secretary of the Treasury to any bank, unless the note when presented to absence the veteran shall forfeit the sum payable for that day, and shall
him, is accompanied by an affidavit made by an officer of the bank which receive no reimbursement for it in any other form.
made the loan, before a notary public or other officer designated for the
Sec. 603. If the payment under Section 601 plus the amounts forfeited
purpose by regulation of the Secretary, and stating that such bank has not under Section 602 is less than 140 per centum of the adjusted service credit,
charged or collected, or attempted to charge or collect, directly or
indirectly, either by reason of the duration of the course approved, or by reason of the
any fee or other compensation (except interest as authorized by
this sec- veteran's discontinuing, with the approval of the Director, his attendance
tion) in respect to or because of any loan made under this section
by the on his course of training, he shall be entitled to receive an amount equal
bank to a veteran. Any bank which, or director, officer, or
employee to the difference between (1) his adjusted service credit and (2) that prothereof who, does so charge, collect, or attempt to charge or collect any such portion thereof which the payments made or accrued under Section 601
fee or compensation, shall be liable to the veteran for a
penalty of $100, plus the amounts forfeited under Section 602 bear to 140 per centum of his
to be recovered in a civil suit brought by the veteran.
adjusted service credit: Provided, That from the amount thus computed
there shall be deducted an amount equal to the sums forfeited under
Loan Privileges After January 1 1926.
Section 602.
Sec. 503. The Postmaster-General is hereby authorized and directed to
Sec. 604. If before the completion of the payments under this title the
instruct postmasters of the first, second and third classes to take applicaveteran is separated from the military or naval forces under other than
tions of veterans for Government loans and collect payments thereon.
honorable conditions, or is discharged therefrom on account of his alienage,
Sec. 504. (a) Application for Government loans may be made at any
further payments shall be made under this title.
post office of a first, second, or third class. Such loans, secured by the no
Sec. 605. (a) If the veteran dies after making application in accordance
adjusted service certificate, shall be made by the Secretary of the Treaswith the provisions of Section 302 and before any payments have been
ury, with or without the consent of the beneficiary, and payments thereon
made or have accrued under this title, the amount of the adjusted service
collected, in accordance with the provisions of this title, under rules and credit of the veteran shall be paid by the Director to his estate.
regulations to be prescribed by him. He shall supply postmasters of the
(b) If the veteran dies after the course of training has begun, his estate
first, second, and third class with blanks upon which veterans may make
shall be paid by the Director the same amount as would have been paid to
applications for Government loans. Such applications shall be in the the veteran under Section 603, treating for such purposes the date of his •
form prescribed by the Secretary of the Treasury, and have attached thereto death as the date of discontinuance attendance
on his course of training.
of
a form of promissory note to be executed by the veteran, and a receipt, to
Sec. 606. (a) The Director is hereby authorized to co-operate with State
be delivered to the veteran, which shall be signed by the postmaster receiv- boards for vocational education
in such manner as will secure their assistance
ing the application, and which shall acknowledge the receipt of the note In the approval of courses of training
for veterans, and other assistance in
and the certificate, and contain a description of each. The postmaster carrying out the provisions of this title.
shall thereupon transmit to the Secretary of the Treasury the application,
(b) Whenever any State provides funds for assistance to veterans in
note, and certificate. Upon approval of the loan by the Secretary of the attendance upon approved courses or provides
for free tuition in approved
Treasury, he shall transmit to the veteran a check for the amount of the educational institutions, the Director is authorized and directed to Co-loan. He shall also issue in triplicate a statement showing the name operate with the State board for vocational education of such State in
and service of the veteran, the number of his certificate, and a schedule of securing the maximum educational opportunities to veterans entitled to the
the amounts of the several payments, and the dates when due. The original benefits of this title.
of the statement shall be retained with the application, the duplicate shall
TITLE VII.—FARM OR HOME AID.
be transmitted to the poStmaster receiving the application and the triplicate
to the veteran. The postmaster holding such statement shall receive and
Sec. 701. (a) The Secretary of the Interior upon certification from the
indorse thereon the payments made by the veteran, shall give a receipt to Secretary of War or the Secretary of the Navy, as provided in Section 303,
the veteran, and shall promptly transmit payments to the Secretary of the is hereby directed, on or after July 1 1923, to pay the veteran designated
Treasury. Such payments shall be covered into the Treasury as miscel- therein, in one payment or in installments, an amount equal to his adjusted
laneous receipts. The veteran shall make repayment of the loan upon service credit increased by 25 per centum.
an amortization plan by means of a fixed number of annual installments
(b) Such payment shall be made for the purpose,and only for the purpose,
sufficient to cover (1) interest on the unpaid principal at the rate of 45,5 of enabling the veteran to make improvements on a city or suburban home,
per centum per annum, and (2) such.amount of the principal as will ex- or to purchase or make payments on such a home or farm, or to pay off
tinguish the debt within an agreed period not eqceeding the life of the cer- indebtedness existing on such a home or farm prior to the date of the
application by the veteran under Section 302.
tificate.
Sec. 702. No such payment shall be made unless and until the Secretary
(b) If the veteran fails to make any payment when due, the Secretary of
the Treasury, at any time prior to the maturity of the certificate, shall
of the Interior has approved the purpose for which it is desired by the
cancel the note and restore the certificate to the veteran, upon the receipt veteran, and has suitable assurance that the money will be expended for
of all installments in arrears, together with interest at 43 per centum per such purpose. The Secretary of the Interior may, on his own motion, or
annum, compounded annually, upon each such installment from the time at the option of the veteran, make the payment directly to the vendor or
other person to whom such payment is due from the veteran.
when due.
Sec. 703. For the purpose of enabling him to pass upon the desirability
Sec. 505. No loan shall be made by the United States upon any certificate
prior to January 1 1926. The amount of such loans to any one veteran of the investment, the Secretary of the Interior may make use of the services
of Land Bank appraisers of the Federal Farm Loan Board, to be designated
outstanding at any time shall not exceed:
(a) If the loan is made on or after January 1 1926, and at any time by the Board.
Sec. 704. (a) If the veteran dies, after making application in accordance
not more than three years after the date of the certificate, 50 per centum
of the sum of(1) the adjusted service credit of the veteran plus (2) interest with the Provisions of Section 302 for farm or home aid and before a contract
the
making of the has been entered into with the approval of the Secretary of the Interior, the
thereon from the date of the certificate to the date
or
SEPT. 30 1922.1
TELb.1 CHRONICLE
the
amount of his adjusted service credit shall be paid by the Secretary of
Interior to his estate, but no such payment shall be made if the veteran
other than
has been separated from the military or naval forces under
honorable conditions or discharged therefrom on account of his alienage.
into with
entered
has
a
been
death
contract
veteran's
(b) If before the
this title
the approval of the Secretary of the Interior, and payments under
Secretary
on such contract are still due,such payments shall be made by the
are
payments
of the Interior to the vend3r or other person to whom such
due from the veteran.
TITLE VIII.—MISCELLANEOUS PROVISIONS.
Sec. 801. The officers having charge of the administration of any of the
previsions of this Act are authorized to appoint such officers, employees,
and agents in the District of Columbia and elsewhere, and to make such
expenditures for rent, furniture, office equipment, printing, binding,
telegrams, telephone, law books, books of reference, stationery, motorpropelled vehicles or trucks used for official purposes, traveling expenses
and per diem in lieu of subsistence at not exceeding $4 for officers, agents,
and other employees, for the purchase of reports and materials for publications, and for other contingent and miscellaneous expenses, as may be
necessary efficiently to execute the purposes of this Act and as may be provided for by the Congress from time to time. With the exception of such
special experts as may be found necessary for the conduct of the work, all
such appointments shall be made subject to the civil service laws; but for
the purposes of carrying out the provisions of Section 305 such appointments may be made without regard to such laws until the services of persons duly qualified under such laws are available. In all appointments
under this section preference shall• so far as practicable,be given to veterans.
Sec. 802. If any prevision of this Act or the application thereof to any
person or circumstances is held invalid, the validity of the remainder of the
Act and of the application of such provision to other persons and circumstances shall not be affected thereby.
Sec. 803. Whoever knowingly makes any false or fraudulent statement of
a material fact in any application, certificate, or document made under the
provisions of Title III, IV, V. VI, or VII, or of any regulation made under
any such title, shall, upon conviction thereof, be fined not more than $1,000,
or imprisoned not more than five years, or both.
Sec. 804. The Secretary of the Treasury, the Secretary of War, the
Secretary of the Navy, the Secretary of the Interior, and the Director of
the United States Veterans' Bureau shall severally submit to Congress in
the manner provided by law estimates of the amounts necessary to be expended in carrying out such provisions of this Act as each is charged with
administering, and there is hereby authorized to be appropriated, out of
any moneys in the Treasury not otherwise appropriated, amounts sufficient to defray such expenditures.
FREDERICK H. GILLETT,
Speaker of the House of Representatives.
ALBERT B. CUMMINS,
President of the Senate pro tempore.
KING CONSTANTINE OF GREECE FORCED BY REVOLT
TO ABDICATE.
Ministries and monarchies continue to rise and fall on the
Continent. The latest political development of this character is the abdication of King Constantine of Greece. Constantine's fall was brought about by the series of military
and political events in the Near East, from which the Turkish Nationalist Government has emerged with new victories,
and now has a virtual promise from the Allied Powers of a
part of Thrace. These events culminated in a rebellion
among the Greek military and naval forces fighting in the region of Smyrna. An ultimatum from the Lemnos, a Greek
warship, which arrived on Sept. 26 at Laurium, on the peninsula southeast of Athens, with revolting troops, demanded
the dissolution of the National Assembly and the formation
of a people's Cabinet friendly to the Entente. A second ultimatum declared it was considered the National Assembly
had already been dissolved, and it demanded the creation of
a pro-Entente Cabinet whose members would be appointed
by the revolutionaries.
General Papoulas, recently appointed Military Governor
of Thrace, proceeded to Laurium to negotiate with the revolutionaries. Neither ultimatum spoke of the abdication of
Constantine. Constantine accepted the resignation of the
Cabinet, which quickly followed the reception of two ultimatums from the Lemnos. In accepting the resignation,
Constantine said he entirely put aside any ideas of resistance which would bring, as a result, civil war in Greece. It
is expected that former Premier Venizelos will be recalled
Cabinet is formed, in the hope
to Greece as soon as a new
former Premier refuses to
The
Thrace.
save
can
that he
left the country. The hour sendcome until Constantine has
second time struck on Sept.
ing Constantine to exile for the
that the part of the Greek
Athens
reached
26, when the news
taken from Asia Minor had
navy and all the 80,000 troops
over
revolted. Then, airplanes coming from Mytilene flew
demanding the abdication
Athens dropping proclamations
Cabinet friendly to the
of Constantine, the formation of a
to Thrace and the disreinforcements
Allies, the sending of
solution of the Assembly.
Crown Prince George has succeeded Constantine as King
of Greece. According to the Associated Press, a telegram to
the Greek Legation at Paris describing the formation of a
revolutionary committee in Athens, said:
1489'
the entire population as well as the army at Athens, received the revolutionary forces which entered the capital yesterday afternoon with
enthusiasm.
The revolutionary movement succeeded in uniting all Athens for the
safety of the country. All, without exception, forgetting their hatreds
and political passions and including the royalists and reactionaries, grouped
themselves in the national union movement, represented by the revolutionists.
Explaining the progress of the • revolution, the telegram
says:
After the retreat of the Greek armies in Asia Minor, all the officers,.
the people and the army became convinced that the abdication of King
Constantine was necessary, inasmuch as his presence was an obstacle
in the way of out national interests, both for domestic and foreign affairs,
since as King no longer enjoyed the confidence of the Allied Powers and
those Powers allied with Greece.
All the officers who landed in the islands of Mytilene and Chios decided
spontaneously and by a unanimous movement to proclaim revolution
and to exact the removal of the King. An appeal was addressed to the
fleet asking it to join the revolution. This appeal was sent to the armies
in Thrace and Macedonia. All replied within forty-eight hours, accepting
with enthusiasm. The rapidity with which the navy and the army joined
the revolutionary movement shows that it has been unanimously adopted
Immediately afterward 20,000 soldiers embarked on transports, and..
accompanied by the fleet, arrived Tuesday afternoon at Laurium, whence
they sent an ultimatum by wireless to the Government requiring the
abdication of Constantine in favor of Crown Prince George, dissolution
of the National Assembly and new elections under a Government which
would inspire confidence in the people, and that Greek interests abroad
be confided to M. Venizelos.
The ultimatum was accepted after brief negotiations and the city of
Athens then was occupied by the revolutionary army.
LLOYD GEORGE'S STATEMENT TO PRESS EXPLAIN-
ING BRITISH POLICY IN NEAR EAST.
A review of the relations of the Allied Powers with Turkey
and Greece and an explanation of British policy in the Near
East were made by Premier Lloyd George on Sept. 23.
Great Britain, the Premier said, did not want "a second
Gibraltar in the Dardanelles"; therefore it wished the League
of Nations to keep the straits open for all nations. "Peace
is our purpose, peace is our object," he emphasized. "That
is what we are looking for." The Premier's statement,
prompted largely by a campaign among certain newspapers
against the British Government's policy in the Near East,
was made in the presence of forty or fifty representatives of
the press at 10 Downing Street. The Premier, after talking
to the press representatives as a body, gave the Canadian
press a special interview with regard to Canadian criticisms
of the Imperial Government's method of inviting the various
dominions to send contingents in the event of war with
Turkey. He emphatically denied that the dominions in
any way were being exploited for political reasons. He
asserted there was no thought of any such thing and such
an impression was entirely unfounded. The Premier said
the Cabinet felt that the sacrifices which Australia and New
Zealand had made at Gallipoli in the great war entitled them
to be consulted when the freedom of the Dardanelles was involved. The Cabinet decided, therefore, that those dominions were entitled to participate in the defense of the
freedom of the Straits; and, as the Cabinet at the same time
felt that it was impossible to ask these two dominions to
take part in the defense without inviting the remainder of
the dominions, Canada and South Africa were also approached.
The Premier's statement to the press in full follows:
In view of the misapprehension as to the character ofthe difficulties which
have arisen in the Near East, I wish to make a statement as to the actual*
facts and position.
I should like at the very outset to make it clear that any action we have
taken during the last few days has nothing to do witn the merits or demerits
of the dispute between the Greeks and the Turks.
Whatever settlement is effected of either Anatolia or Thrace, that is a
matter for determination by a conference between the Allies and the
belligerents, and any steps we have taken to strengthen our military and
naval forces in the Dardanelles and the Bosphorus have nothing whatever
to do with any consideration of that kind.
Our action has been dictated by two supreme considerations. One is our
anxiety as to the freedom of the seas between the Medlterrnaean and the
Black Sea. That is the first and primary consideration in directing our
actions. What happened in the late war ha, demonstrated clearly to the
British Empire how vital the freedom of those various seas is to the security
of the empire, to the protection of our commerce and to humanity in it
broadest aspects.
The closing of the Straits against us by a Power which owed probably
more to Great Britain, and certainly to G.'eat Britain and Prance together,
than to any other Power in the world, was an act of perfidy which cost us
dearly. It was directly responsible for the collapse of our most pewerful
ally in that quarter of the globe and was also responsible for the defeat of
Rumania.
These two disasters had the effect of prolonging the war at least two years
and adding enormously to the loss of life and to the devastation and destruction which it will take many years, if not a whole generation, to repair.
It is an essential condition of world peace that there shall be an effective
guarantee for the freedom of those seas in the future. If peace were signed
without the achievement of that object it would be equivalent to a defeat
in that part of the world.
With that object in view the Allies prepared as the first condition of the
The spirit and aims of the revolutionary movement being essentially
opening of the Dardanelles
nationalist, it was, from the first moment, warmly welcomed by all, and armistice with Turkey, signed Oct. 30 1918, the
1490
THE CHRONICLE
and the Bosphorus and securing access to the Black Sea by Allied occupation
' of the Dardanelles and the Bosphorus ports. We therefore regard the freedom of those seas as of vital British interest and vital European interests.
Therefore, the first thing we had in mind in any steps we have taken
in the last few days has been to insure that nothing be done to menace
the freedom of those seas and the world-wide interests of civilization.
In doing this I would point out that we are taking no separate action,
but simply carrying out the policy agreed upon by all the Allies in October
1918. We have not departed one iota from the position we took then,
and in doing so we have not betrayed the trust which the British Empire
as a whole vested in us.
The second object we had in making any preparations was to prevent
this exceptionally horrible war from spreading into Europe.
I am not going to apportion the blame between the Greeks and the
Turks. The time has not come for that, and it is not necessary that
we do so in order to explain or defend our point. I merely deal with
the fact that one of the greatest commercial cities in the world has been
practically devastated, and that there have been massacres which in their
horror are almost without example, even in that area.
If any army which could not be restrained by its chiefs from perpetrating
those outrages were permitted to cross into Europe, to occupy Constantinople, where you have a population of hundreds of thousands of Armenians
and Greeks and some thousands of European nationals, we have every
every reason to fear there would be a repetition of those horrible incidents.
If it spread into Thrace. where there is so much inflammable material,
rivalries of Turks, Greeks, Hungarians and Serbians, there is no knowing
what might happen. You might have a conflagration which would spread
with a fury which could not easily be extinguished or arrested.
There are many dangerous elements in that quarter of the world, and
if you have a serious conflict of antagonistic races, maddened by the rooted
hatred of centuries, breaking out, you would have once more war in Europe,
and it must not be forgotten that the great war of 1914 began in the Balkans.
We, therefore, have regarded it as a matter of paramount importance
to the interests of European peace that the war in Asia Minor should
not spread into Europe. We have therefore taken steps to strengthen
our position in the Dardanelles and on the Bosphorus,with a view to achieving
two objects which I have indicated: First, that of securing the freedom
of the Straits, and, second, that of preventing this prairie fire, which
devastated Asia, from crossing the narrow seas and lighting the dry tinder
in the Balkans.
In this respect, we have been quite impartial as between the Greeks
and the Turks. The Greeks, when they occupied the southeastern corner
of Asia Minor, complained that we were allowing Turkish bandits to
organize under the protection of our flag in the Chanak area, and once
they entered that zone with a view to dispersing the bandits. We warned
them off and they had to leave.
A few weeks ago, the Greeks threatened to march on Constantinople.
They brought up a division of troops from Asia Minor in order to cross
the Tchatalja lines and enter the Turkish capital. It would have been,
from a military point of view, a formidable counterstroke to the Turkish
menace in Smyrna. But, in order to do so, they would have had to cross
the neutral zone and enter territory which was occupied by the Allies.
The French occupied the Tchatalja lines, but our General was the cornmander-in-Chief of the Allied forces. Ile warned the Greeks, in terms
identical with those used to Mustapha Kemal Pasha in the Chanak area,
namely, that he could not permit them to enter the neutral zone.
We do not wish to hold Gallipoli and Chanak in the interests of Great
Britain alone. We do not consider that Great Britain alone should have the
sule responsibility there. We believe those important shores should be held
under the auspices of the League of Nations in the interests of all nations
alike.
I again repeat what we just heard from Sir Charles Harington, that the
proclamation he issued to the Greeks was identical with that issued to Mustapha Kernel. Therefore, so far as the neutral zone is concerned, we have
been impartial in our attitude toward the Greeks and Turks. We have
acted in the interest of peace in order to remove the danger of having war
spread in Europe. The same motives are inspiring our actions to-day.
It is suggested that we are provoking a conflict by staying at Chanak. It
Is essential, in the opinion of our military advisers, to hold Chanak in order
to secure the freedom of the Straits for unarmed vessels. Armed ships
could pass and repass, whatever happened in Chanak. Peaceable merchantmen could not pass, and, therefore, in the opinion of our military advisers,
It is essential that Chanak be held in order to secure the real freedom of the
Straits for the purpose of peaceable intercourse between the Mediterranean
and the Black Seas.
For Rumania, a distinguished Rumanian told me the other day that the
Straits were a matter of life and death to his country. That is exactly true
for Russia also. In the interests of the commerce of the world it is fundamental that the Straits should be free from the possibility of such interference with their freedom as produced the disastrous results in 1914 and in
subsequent years.
There is a correspondent at Constantinople who,for reasons which are not
material to investigate, at the present moment, is not a witness particularly
friendly to myself, but whom I would quote on the importance of preventing
the Kemalist army from crossing into Europe until peace has been established. I mean General Maurice. He said a couple of days ago:
"The nervousness among the Christian population, already considerable,
has been much increased, and their exodus is taking place. I cannot too
strongly represent that in the present temper of the Mohammedans the evacuation of Ismid or Chanak at this juncture might have a sequel which would
make the fire of Smyrna pale."
That is one reason why we think that it would be a peril of the darkest
kind if we permitted the army which has left Smyrna a heap of blackened
ruins to cross over into Europe until permanent peace has been established,
and until the conditions of that peace are clearly defined.
We do net go back on anything we have said about Constantinople remaining Turkish. We are not putting up any fight about the sovereignty
of Eastern Thrace, but peace must first of all be established and its conditions must be known.
May I just say in conclusion that we are not departing in anything we
are doing from the agreed policy of the Allies? This policy which I enunciated to you about the Straits was agreed to in 1918. There was a good
deal more that was agreed to, which circumstances render it now impossible
for us or, conceivably, for the whole of the Allies, to carry out to the limit
which would be desired. In 1918 the Allies took into account the condition
of the minorities in Asia Minor who,in the early days of the war, had been
subjected to outrages of a very terrible character.
The massacres in Asia Minor in 1914 and 1915 were responsible for the
of the Christian populadeath of something like one and one-half millions
no provocation; there was no
tion. That is generally accepted. There was
rule. It was purely
Turldsh
insurrection; there was no uprising against
Allies,considering tne position, in 1919 felt
Wanton and cold-blooded;and the
there should be no recurrence
they were under the obligation to say that
I these terrors.
[VOL. 115.
The original idea was that America should undertake the mandate for
Armenia;that Franoe should undertake the mandate for Cilicia, where there
is a mixed population; that Italy could undertake the mandate for Adana
and the surrounding territories, and that the Greeks could undertake the
mandate for southeastern Anatolia and the vilayet of Smyrna.
For various reasons that has been found impossible. America was not
prepared to undertake any responsibility for Armenia; the French Government did not feel that it could continue to accept the responsibility for Cilicia;the Italians withdrew from southern Anatolia. and the Greeks exchanged
Mr. Venizelos for King Constantine. I do not wistt to make any comment
on that; the sequel, I think, is the severest criticism of that choice.
But these events, taken all together, have made it impossible to carry out
the original intention to secure protection for these various minorities by
placing them under the control of Powers who would undertake, each in its
separate sphere, the defense and security of these minorities.
But freedom of the Straits remains. That is of vital interest to us as a
maritime and commercial Power and to civilization throughout the world.
That we can maintain, and the fight that we are putting up at the present
moment is the fight to insure that, whatever happens the Peace Conference,
we shall not abandon the policy of securing the freedom of the Straits.
I do not mean securing them by clauses in a treaty which would depend
upon the caprice of any Government there might be in Constantinople.
We had the promise before 1914 that the Straits would be free, but German
intrigue overcame not merely the sympathies which Turkey may have had
with either France or England, bpt overcame the real Turkish interests,
and the Straits were closed. Their security therefore must be of a very
reliable and effective character. That is why we are taking the step which
we have already taken, and we shall do our best to secure an immediate
conference between all the Powers concerned in order to establish permanent peace.
Peace is our purpose, peace is our object. That is what we are looking for.
We regard war as a calamity, and it is because we regard it as a calamity
that we are taking the most effective means of averting it. The appeal
which we made to Australia and New Zealand was addressed to them because they had a very special interest in the defense of Gallipoli. They
made a great sacrifice of thousands of their heroic sons in order to achieve
that freedom of the Straits, and we felt that when that freedom was challenged they had the right to astociate themselVes with us in any action
we took to maintain what it had cost them so much to achieve.
I want to make it quite clear that we do not want a second Gibraltar in
the Dardanelles. We want the League of Nations to keep the Straits open
for all nations.
ALLIED POWERS INVITE TURKISH NATIONALIST
GOVERNMENT TO CONFERENCE TO NEGOTIATE
NEW TREATY.
Invitation to a conference for the purpose of negotiating
and consolidating a final treaty of peace between Turkey,
Greece and the Allied Powers was sent to Mustapha Kemal
Pasha, leader of the Nationalist or Angora Government in
Turkey, on Sept. 23. This invitation, embodied in a note
stating the terms and conditions on which the conference
should be held, was the culmination of a two-day conference
in Paris attended by Premier Poincare of France, Lord
Curzon of Great Britain and Count Sforza of Italy. The
Allied note suggested that a conference to negotiate a new
treaty be held at "Venice or elsewhere." In addition to the
countries aforementioned there were also to be at the conference delegates from Japan, Rumania and Jugoslavia.
The terms of the note to the Turkish Nationalist leader were
regarded as the offering of very important concessions by
the Allies. Characterizing it as the "biggest world political
development since the end of the Great War," one writer
declared that the Allied note, "marks at the same time a
disaster for Greece and success for French policy in its
rivalry with England for control of the Continent of Europe."
Among other noteworthy points in the Allied note was the
statement that the chief Allied Powers "view with favor the
desire of Turkey to recover Thrace as far as the River
Maritza and including Adrianople." Following is the text
of the joint note which was sent by the Allies to Mustapha
Kemal Pasha, according to the Associated Press:
The three Allied Governments ask the Government of tno National
Grand Assembly to be good enough to let them know if it is disposed to send
without delay representatives with full powers to a meeting to be held at
Venice or elsewnere and to which will be invited also, with the representatives of Turkey, plenipotentiaries of Great Britain, France, Italy, Japan,
Rumania. Jugoslavia and Greece.
This meeting will take place as soon as necessary arrangements are made
by the Governments concerned. Tne object of this meeting will be to
negotiate and consolidate a final treaty of peace between Turkey. Greece
and the Allied Powers.
The three Governments take this opportunity to declare that they view
with favor the desire of Turkey to recover Thrace as far as the River
Maritza and including Adrianople.
On condition that the Angora Government does not send armies during
the peace negotiations into zones the provisional neutrality of which has
been proclaimed by tne Allied Governments, the three Governments will
willingly.upport at the conference attribution of these frontiers to Turkey,
it being understood that steps will be taken in common agreement in the
treaty to safeguard the interests of Turkey and her neighbors, to demilitarize, with a view to the maintenance of peace in certain zones to be
fixed;to obtain peace ful and orderly re-establishment of Turkey's authority,
and finally to assume effectively under the League of Nations maintenance
of the freedom of the Dardanelles, the Sea of Marmora and the Bosporus,
as well as protection of religious and racial minorities.
For the rest, the three Allied Governments will willingly support the
Nations. They are in agreement
admission of Turkey to the League
in re-affirming their assurance, given in March last, that they win withdraw
as the treaty of peace has entered
soon
as
Constantinople
their troops from
into force.
The three Allied Governments will use their influence to procure before
the opening of the conference the retirement of the Greek forces to a line
SEPT. 30 1922.]
THE CHRONICLE
1491
to be fixed by the Allied generals in agreement with the Greek and Turkish
military authorities.
In return for this intervention the Government of Angora will undertake
not to send troops, eitner before or during the peace conference, into the
zones of neutrality which have been previously declared and not to cross
the Straits or the Sea of Marmora. In order to fix the above-mentioned
line, a meeting might immediately take place between Kemal Pasha and
the Allied generals at Mudania.
The Allied Governments are convinced that their appeal will be listened
to and that tney will be able to collaborate with the Turkish Government
and their allies to establish peace, for which the whole civilized world is
longing.
POINCARE.
(Signed)
CURZON.
SFORZA.
Your excellency is aware that Anatolia has been completelY devastated
and burnt and that hundreds of thousands of the population have been
left homeless by the Greek army. This army, on the other hand, is continuing to perpetrate the same atrocities in Thrace, while on the other
it is profiting by each day's delay to reorganize Itself.
I would further point to the most recent example of the exemption of
the Greek military forces from the conditions of the neutral zone, that
a Greek airplane carried out warlike operations at noon on Sept. 23 over
Turkish territory in the neighborhcod of Ez-Ine, while as recently as
Sept. 25 a Greek fleet was anchored off the port of Constantinople.
Our efforts to avoid the occurrence of incidents are genuine and sincere,
but we find great difficulty in understanding the reasons for such actions
as the destruction carried out by British forces stationed at Charak on
our territory between Chanak and Eren Keui, the seizure of our buildings
in the neighborhood of our town of Chamk, the destruction of arms and
stores
belonging to us, the firing cf guns and bombs in proximity to our
a
above,
Discussing the tcrms of the Allied note given
troops and finally the construction of defenses by forced Moslem labor
correspondent of the N. Y. "Times" at Paris said:
on the road separating us from the Greek army.
These correspond with the terms Kemal first sent to the French, with one
"I take the opportunity of informing you tha:.; observance of the freedom
Important difference. On the eve of the conference on Wednesday (Sept. of the Straits has always been admitted by us, and I request your Excellency
to
allowed
the
by
be
French
that
to
received
demanded
Kemal
was
19) word
to take steps to prevent the occurrence of any misunderstanding prior to
go immediately into Thrace. To-night's (Sept. 23) terms do not grant this, the assembling of the forthcoming conference, which I sincerely hope may
but, on the other hand, assure Kemal that he will have Eastern Thrace, lead to permanent results."
including Adrianople and Constantinople, if the other terms of peace
General Harington's reply, which reached Kemal at 5 p. In.
can be agreed upon.
In connection with the proposal to place the Straits under the jurisdiction on Wednesday, read as follows:
of the League of Nations it is interesting to recall that the representatives
I have received your telegram. This is the first intimation I have had
of Kemal at Geneva two weeks ago asked the League leaders what would of any misunderstanding regarding the neutral zone as proclaimed by the
be the attitude of the Assembly to the application of Turkey for membership. Allied Powers. I would draw your attention to the fact that your comPossible war between Great Britain and Turkey was tem- mander at Ismid last year actually marked out the neutral frontier in conwith my commanders.
porarily averted on Sept. 27 by an eleventh-hour declaration junction
I realize your objective as being the Greek military forces, but there are
of
neutrality
of the Kemalists that they would respect the
none in the zone you are threatening, nor have any passed through.
Taking your points in order: First, the Greeks never had any airplane at
the Straits, pending an armistice conference. In a message
Ez-Ine or its neighborhood, to my knowledge, second, the Greek fleet was
sent to Kemal Pasha at Smyrna, General Harington, in entirely withdrawn from Constantinople to-day under the strongest British
charge of British operations in the Near East, urged an early pressure.
Regarding your charges against the British: First, certain demolitions
meeting of the British and Kemalist generals at Mudania
have taken place under order of the Inter-Allied Commission for Disarmaor Ismid as the most effective way of reaching an amicable ment and certain minor ones as a military precaution. I am inquiring as to
understanding in the present difficult situation created by the extent of these.
Second, certain registration of artillery has occurred, but not one shot
the Kemalist advance in the Dardanelles region.
has been fired in anger at your troops, nor will any be fired except by my
orders.
My one desire is to avoid conflict with your troops, and I trust the foreSENATOR BEVERIDGE GRATEFUL THE UNITED bearance
I am showing will convince you of my sincerity.
STATES DID NOT ENTER THE LEAGUE OF NAI note with pleasure your solemn declaration regarding the freedom cf the
Straits, which tho Allied Powers reciprocate. I share your Nish for early
TIONS—TURKEY AN OBJECT LESSON.
which will lead to the peace the world desires.
Albert J. Beveridge, Republican nominee for Senator from negotiations
In view of the above I earnestly ask you again to withdraw any appearIndiana, in opening his campaign at Evansville, Ind., on ance of threat to my forces at Chanak and on the Straits so as to avoid any
Sept. 26 declared that President Harding and Republican possibility of incident. Should there be any points of misunderstanding
between us I would be prepared to meet you at any place mutually agreed
Congresses after receiving from the Administration of Presi- between us.
confusion,
of
I take the opportunity to tell you on behalf of England that the reinforcepublic
"heritage
a
debt,
business
dent Wilson
governmental waste, unscientific taxation and foreign em- ments which have been sent me are solely in the interests of peace, as I was
careful to state in
communique I published recently. It is, therefore,
barrassment so vast that it seemed almost impossible to lift an immense relief the
to me to hear that you have no aggressive intentions
and
straighten out the conditions that cursed against my troops.
the burdens
One of the first acts of the Kemalist Administration in the
the country, has already made such progress that even now
prosperity draws near." As to foreign affairs politically, reconquered territory has been the confiscation of all alcohol
beverages and the closing of all bars. The Turkish newspaMr. Beveridge's advice was "keep out."
..An awful object lesson flames to the heavens before our very eyes," he pers at Constantinople warn the inhabitants that they may
said. "Turkey, Asia Minor and the Balkans are the answer—the red and
soon expect similar steps to be taken in that city.
reeking answer. Everybody now sees that, if we had gone into the League
of Nations, ratified what Lord Bryce branded as the infamous treaty of
Versailles and been trapped into the so-called 'Armenian mandate,' we would
now be required to pour out more billions of American money to pay all the
expenses of another war; and what would be infinitely sadder, we would now
be obliged to send tens of thousands of American young men to blazing
lands to extinguish the flames with their blood."
U. S. GOVERNMENT APPROVES ALLIED PROPOSALS
FOR FREEDOM OF STRAITS AND PROTECTION
OF MINORITIES.
Secretary of State Hughes announced on Sept. 26 that the
United States Government unequivocally approves the proBULGARIA'S POSITION ON NEAR EAST SITUATION posals of
the Governments of Great Britain, France and
STATED BY MINISTER IN LONDON.
Italy to the Turkish Nationalists to insure the freedom of
The Bulgarian Minister in London issued the following the Dardanelles and the protection of racial and religious
statement on Sept. 24 relative to his Government's attitude minorities. This was the first statement of the attitude of
on the Near East situation:
the American Government toward recent political developMay I be allowed to bring to your notice the following declarations which ments in the
Near East. Mr. Hughes also expressed the
of
Ministry
the
in
Foreign
Affairs
from
Sofia?
Bulgaria
me
have reached
American
or
either
verbally
by
engagements,
treaty,
or
with
hope that, pending a conference and
Angora
Government's
either
no
has
Moscow. She is in full agreement with the great Powers and the neighbor- final settlement, the Straits would be kept open. Secretary
ing States concerning the freedom of the Straits and continues with the Hughes's
statement read as follows:
utmost loyalty to fulfill her obligations under the Treaty of Neuilly. She
relies on the effective fulfillment of Clauses 3 and 4, Article 48, of that
Treaty, granting her an butlet to the Aegean.
Organizations aiming at the formation and training of bands for military
action in Thrace or in Macedonia do not exist in Bulgaria. Bulgaria is
thoroughly resolved by no means to take any action, whether political or
military, which could entail complications at the moment when the great
the Near East. and the Bulgarian Prime
Powers are settling the problems of
Minister has declared and maintains that contradictory reports on Bulgaria's
considered
as thoroughly inconsistent with
all
for
and
once
attitude must be
which can be regarded as disquieting.
the actual facts, none of
The American Government is gratified to observe that the proposal of
the Allied Governments seeks to insure effectively "the liberty of the Dardanelles, the Sea of Marmora and the Bosphorus, as well as protection of
racial and religious minorities." These points of the proposal are clearly
in accord with American sentiment.
This Government also trusts that suitable arrangements may be agreed
upon in the interest of peace to preserve the freedom of the Straits pending
the conference to conclude a final treaty of peace between Turkey, Greece
and the Allies.
AMERICAN RIGHTS TO BAKU OIL OPERATIONS.
Regarding the conclusion of a contract whereby American
CORRESPONDENCE BETWEEN GENERAL HARINGrights to operate in the Baku oil region are obtained, the
TON AND KEMAL PASHA ON FREEDOM OF
New York "Times" reported the following copyright advices
STRAITS.
from Moscow Sept. 21:
between
Harexchanged
General
telegrams
the
The text of
An oil contract has been made between the Soviet Government and the
ington, the British Commander-in-Chief in the Near East, International Barnsdall Corporation of America. As it stands the contract
and Mustapha Kemal Pasha, the Turkish Nationalist leader, given the Barnsdall representatives. Mason Day .and Phillip Chadbourn,
is
a concession in the sense of the word used in the concession given
on the neutral zone question, were made public at Constan- to not
Leslie Urquhart, but they become agents of the Soviet Govenment
Sept.
26,
said:
Kemal
tinople on Sept. 28. Telegraphing on
in the
of the oil industry of some 500 acres of State lands,
Up to the present I have not been informed of any neutral zone having
been established between the Governments concerned and the Government
of the National Assembly. The movements of cavalry and other units
consist in following up the retreat of the hostile Greek army.
rehabilitation
which means there is no question of former owners in the region of Baku.
The terms briefly are as follows:
Messrs. Day and Chadbourn agree to importuumping and other machinery and experts to develop the field. In return they get 20% of the output
1492
THE CHRONICLE
cl all new wells they drill and 15% of the output of the old wells in which
they install modern pumping outfits. The contract is terminable at the
end of fifteen years at the option of either party.
Mr. Day states the cost of the machinery imported will be covered by the
progressive shipments of oil placed at his disposal by the Soviet Government
before development begins. On the other hand, the Soviets make no cash
outlay of nay kind. The Americans have the right to hire and fire labor,
with a mixed arbitration board on the same lines as Urquhart.
Mr. Day states sales are to be handled on the following terms:
"The Soviet Oil Trust has the privilege of proposing purchasers on the
same terms as the Barnsdall corporation. Should the price be equal the
matter is to be decided by mutual agreement, otherwise sale is to be made to
the highest bidder."
The sections of the Baku field allotted are among the richest in the whole
oil region.
On Sept. 23 the Associated Press announced the receipt
of the following from Moscow:
Leonid Krassin, Commissar for Foreign Trade and Commerce,in a statement concerning the contract with the Barnsdall Corporation of New York,
granting Americans the right to operate in the Baku region, which has been
signed by Russian officials and representatives of the corporation, declared
that the terms were most favorable, because this was the first deal of the
kind. He considered the deal would prove profitable for both Russia and
the Americans.
"I believe," he added, "that if the company succeeds in attracting
American capital to develop our fields it will work for the benefit of the two
countries. The Barnsdall Corporation was the first to come, consequently
we have given the best possible terms. The agreement is for fifteen years,
and the corporation will got a big stretch of land to work upon. It will
depend upon the corporation, of course, how much work is done, by which
both of us may agree to extend the life of the contract."
M. Krassin estimated that 81,000,000 would be adequate for beginning
operations.
In behalf of the Government the contract was signed by A. Rykov. ViceChairman of the Council of Labor and Defense; M. Stalin, Commisar for
National Minorities, who is one of the "big six" and M. Serebryakoff.
Henry Mason Day,representing the corporation, who has worked on the
deal for fourteen months, will leave shortly for New York accompanied by
Philip Chadbourn, his associate. Mr. Day expects to begin actual operations in February.
In our issue of July 29, page 492, we referred to the completion of arrangements whereby German interests obtain
Baku oil concessions.
DESIGNATION OF BITUMINOUS COAL PRODUCING
DISTRICTS—DATA REQUIRED FROM SOFT
COAL PRODUCERS.
The following regulations relative to the designation of
bituminous coal producing districts which will be observed
as units in the work of the Federal Fuel Distributer, and
outlining certain data required to be furnished daily by all
soft coal producers, were issued on Sept. 27 by Fuel Distributer C. E. Spens:
Whereas, by and under the Act of the Congress of the United States entitled "An Act to declare a national emergency to exist in the production,
transportation and distribution of coal and other fuel, granting additional
powers to the Inter-State Commerce Commission, providing for the appointment of a Federal Fuel Distributer, providing for the declaration of
car-service prioritiesduring the present emergency, and to prevent the sale
of fuel at unjust and unreasonably high prices," approved Sept. 22 1922,
the Federal Fuel Distributer is required to ascertain:
(a) Whether there exists within the United States or any part thereof
a shortage of coal or other fuel and the extent of such shortage.
(b) The fields of production of coal and other fuel and the principal
markets to which such production is or may be transported and distributed,
and the means and methods of distribution.
(c) The prices normally and usually charged for such coal and other fuel
and whether current prices, considering the cost of production and distribution, are just and reasonable; and
(d) The nature and location of the consumers; and what persons, copartnerships, corporations, regions, municipalities or communities should
under the Acts to regulate commerce administered by the Inter-State Commerce Commission, including the Transportation Act. 1920, in time of
shortage of coal and other fuel or the transportation thereof, receive priority
in transportation and distribution, and the degree thereof, and any other
facts relating to the production, transportation and distribution of coal
and other fuel, and when so ascertained the Federal Fuel Distributer shall
make appropriate recommendations pertaining thereto to the Inter-State
'Commerce Commission from time to time either on his own motion or upon
request of the Commission, to the end that an equitable distribution of coal
and other fuel may be secured so as best to meet the emergency and promote
the general welfare.
And. Whereas, in and by the said Act it is provided that the Federal Fuel
Distributer may make such rules, regulations and orders as he may deem
necessary to carry out the duties imposed upon him thereby:
And, Whereas, for the proper performance of the duties imposed upon
,him by said Act, and the promotion of the public welfare in the just and
-equitable distribution of bituminous coal during the emergency, it is essential that the Federal Fuel Ditributer shall receive, daily, specific and detailed information as to all such coal produced, and the sale, transportation
and distribution thereof:
Now, Therefore, I, Conrad E. Spens, Federal Fuel Distributer, in the
,performance of the duties upon me imposed by the said Act, and under and
In the exercise of the authority upon me conferred thereby, do hereby make
and promulgate the following orders and regulations, effective forthwith:
1. For executive purposes, and in order to facilitate the prompt and
•equitable distribution of bituminous coal, the following "Producing Districts" are hereby designated and established, each to be under the management and direction of a District Representative of the Federal Fuel Adminiistrator to be by me hereafter appointed and delegated:
District No. 1: Embracing the State of Alabama, with headquarters at
:Birmingham. Ala.
District No. 2: Embracing the State of Tennessee, with headquarters
:at Knoxville, Tenn.
with headquarters at
District No. 3: Embracing the State of Virginia,
:Norton, Va.
Kentucky
east of the 85th
of
State
the
of
all
Embracing
District No. 4:
Ohio.
'Meridian, with headquarters at Cincinnati,
[Vol,. 115.
District No. 5: Embracing all of the State of Kentucky west of the 85th
Meridian, with headquarters at Louisville, Kentucky.
District No. 6: Embracing the New River, Winding Gulf. Pocahontas
and Tug River districts in the State of West Virginia, with headquarters
at Bluefield, West Virginia.
District No. 7: Embracing the Kanawha. Logan and Kenova and
Thacker districts in the State of West Virginia,with headquarters at Charleston, West Virginia.
District No. 8: Embracing the Fairmont, Coal and Coke and Upper
Potomac districts in the State of West Virginia, with all other districts in
said State not heretofore above included, and all districts in the State of
Maryland, with headquarters at Fairmont, West Virginia.
District No. 9: Embracing the central and Somerset district in the State
of Pennsylvania on the Baltimore & Ohio, Pennsylvania, Buffalo Rochester
& Pittsburgh, Pittsburgh Shawmut & Northern, Buffalo & Susquehanna,
New York Central and Erie railways, with headquarters at Altoona, Pa.
District No. 10: Embracing all ef Westmoreland, Fayette, Washington
and Greene counties, in the State of Pennsylvania. the whole of the Ligonier
Valley district in the State of Pennsylvania, and all mines In the State of
Pennsylvania along the west bank of the Monongahela River on the Pennsylvania Railroad, with headquarters at Greensburg, Pa.
District No. 11: Embracing the Pittsburgh district and all other district
in the State of Pennsylvania not heretofore above included, with headquarters at Pittsburgh, Pa.
District No. 12: Embracing the State of Ohio, with headquarters at
Columbus, Ohio.
District No. 13: Embracing the State of Indiana, with headquarters at
Evansville, Indiana.
District No. 14: Embracing the Rock Island, Northern, Wilmington,
Fulton, Peoria, Danville and Central Illinois districts in the State of Illinois, with headquarters at Springfield, Illinois.
District No. 15; Embracing all the Franklin, Williamson and Saline
counties in the State of Illinois, the Belleville and Mt. Olive districts in the
said State, and all other districts in Illinois not heretofore above included,
with headquarters at St. Louis, Missouri.
District No. 16: Embracing the State of Iowa, Montana and North Dakota, reporting to C. T. White, Assistant Federal Fuel Distributer, State
Capitol Building, St. Paul, Minnesota.
District No. 17: Embracing all of the United States west of the Mississippi
River except the States of Iowa, Montana and North Dakota, reporting directly to the Federal Fuel Distribut, r, at Washington, D. C.
11. Each and every producer of bituminous coal engaged in the mining
and production thereof at any place in any of the above designated producing districts shall daily, until further order, mail to the District Representative of the Federal Fuel Distributer in the district in which such coal
shall be produced, a written statement or report, signed by such producer,
or producers. or by his, their, or its, duly authorized representative,setting
forth fully and specifically the following information as to all shipments of
bituminous coal made during the previous day:
(a) The total number of car loads of each class or grade and size.
(b) Names and addresses of consignees, with car numbers and initials,
destinations and amount of each class or grade and size of coal shipped to
each consignee.
(c) As to each shipment, the prices or prices f. o. b. mine as contracted
for, charged and (or.) received for each grade of coal shipped. In the case
of coal sold at a delivered price at destination, the destination price less
transportation cost shall be used as the mine basis.
(d) A designation of such of said shipments as shall have been made
under time (or period) contracts for periods of more than one month's
duration.
Note.—Until announcement shall be made by me of the persons who shall
by me be appointed and delegated as District Representatives, all reports
above prescribed shall be mailed to the Federal Fuel Distributer at No.
718 18th Street N. W., Washington, D. C.
Given under my hand at Washington, D. C., this 27th day of September.
A. D., 1922.
C. E. SPENS,
Federal Fuel Distributer.
Assignments of the naval officers who will act as field
representatives of the Federal Fuel Distributer are as follows: Lieut.-Comdr. H. H. Ritter, St. Louis, Mo.; Lieut.Comdr. A. W. Rieger, Cincinnati, Ohio; Lieut.-Comdr.
L. A. Davidson, Knoxville, Tenn.; Lieut.-Comdr. Louis
Hancock, Jr., Pittsburgh, Pa.; Lieut.-Comdr. H. H. Bouson,
Columbus, Ohio; Lieut.-Comdr. J. R. Mann, Jr., Louisville,
Ky.; Lieut. H. G. Patrick, Evansville, Ind.; Lieut. E. P.
Eldridge, Birmingham, Ala.; Lieut. G. C. Hitchcock, Springfield, Ill.; Lieut. E. P. A. Simpson, Charleston, W. Va.;
Lieut. G. B. Junkin, Fairmont, W. Va.; Lieut. Edward
O'Keefe, Norton, La.; Lieut. F. B. Conger, Altoona, Pa.;
Lieut. W.J. Larson, Bluefield, W. Va.; Lieut. Joseph C.
Arnold, Greensburg, Pa.
GOVERNOR OF NEW JERSEY ISSUES PROCLAMATION
FIXING COAL PRICES.
Governor Edwards of New Jersey issued a proclamation
at Trenton on Sept. 23 limiting the price of the domestic sizes
of anthracite to not more than 15 cents a ton in excess of the
prices of last March, making the new retail prices in New
Jersey from $1325 to $13 50 a ton. The Governor refused to
call a special session of the Legislature and ratified the action of the New Jersey State Fuel Commission in fixing the
foregoing maximum prices and arranging for coal distribution.
BURNS BROS. OFFER BRITISH COAL HERE AT $13 25.
Announcement was made on Sept. 23 by Burns Brothers,
retail coal dealers, who recently made definite prices of from
$13 25 to $14 a ton on anthracite delivered, that they were
prepared to deliver British coal to the consumer. The announcement, copies of which were received by the State Fuel
Administration. read:
SEPT. 30 1922.]
THE CHRONICLE
The Fuel Administration recommends the use of British coal to take the
place of anthracite wherever possible, and we have an exceedingly good grade
of that kind that runs in practically domestic sizes, except that it is mixed
from egg to nut, inclusive.
It is suitable for hot water purposes, and could be used with comfort in a
steam heating apparatus.
We are asking only $13 25 for this coal plus any labor needed for storing
or trimming, and we do not ask that it be paid for in advance. We simply
render our bills in the usual way.
It was said at the offices of the Commission that it did not
commend the British coal, but would welcome any experiments with it for a household fuel. "We recommend nothing
in particular, but all substitutes in general," an official said.
Doubt.was expressed that the British coal could be used with
the type of grates in many furnaces, and consumers were advised to purchase a small amount, perhaps a ton, as an experiment.
HENRY FORD SAYS PUBLIC SHOULD BUY COAL
SPARINGLY—"PRICES ARE TUMBLING AND
WILL GO MUCH LOWER."
Henry Ford, in a newspaper interview at Detroit on Sept.
23, advised the people of the country to "buy as little coal as
possible now," declaring "coal prices are tumbling." Mr.
Ford granted the interview shortly after his return from
southern Ohio, where he arranged for an uninterrupted
movement of coal to his Detroit industries. "Tell the people
of the whole world, if you can," Mr. Ford said to his interviewer," that if they would save money they should not buy
coal in any great amount now. Tell them to buy only enough
to get along on, for coal prices are tumbling and they will go
much lower. They will have opportunity, later on, to get
their winter's coal much more cheaply." Mr. Ford, in company with his son, Edsel, President of the Ford Motor Company, spent three days along the Detroit Toledo & Ironton
Railroad, the manufacturer's property. and saw hundreds of
thousands of tons of coal moving northward, he said. They
had arranged for an ample supply of fuel for the Ford plants
for the next 60 days, he announced, adding:
There is enough coal above ground to run the country for a long time. The
high prices were made because the supply was held back from the market.
But the price is falling rapidly.
The brokers have held their coal so long that their profits have been wiped
out and now they must unload at any price. Before spring comes you'll see
coal sell for a good deal below $3 a ton.
Asked as to his opinion regarding the anthracite situation,
Mr. Ford said:
We saw a good deal of that moving North, too. The price of that will be
falling pretty quick—at least, it ought to. For the price at the mine is tumbling and the newspapers of the country should keep everlastingly writing
about it to see that the fall in price at the mine is passed on by the broker
and retailer in order that the home owner and his family may get the benefit
of it.
FEDERAL FUEL ADMINISTRATOR ASKS CO-OPERATION OF STATES IN ENFORCING NEW COAL
PRICE AND DISTRIBUTION LEGISLATION.
C. E. Spense, appointed Federal Fuel Administrator last
week by President Harding, sent messages on Sept. 23 to the
Governors and State Fuel Administrators calling attention
to the provisions of the new laws adopted by Congress to
handle the emergency. He asked for co-operation to forestall profiteering by wholesalers and retailers, and to prevent stocking of fuel beyond current needs for the next 60 or
90 days in sections where the supply was insufficient for
that purpose. The Government, declared the Fuel Distributer, was prepared to do its best to restrain extortion where
coal is moved from one State to another, but could not control prices of coal produced and sold within a State or do
much to keep down retail or wholesale margins. His message
said:
1493
retained as general counsel for the Federal Fuel Distributer,
and F. R. Wadleigh of Princeton, N. J., Chief of the Coal
Division of the Commerce Department, will also be
associated
with the Washington office, Mr. Spense announced. C.
P.
White will represent the Federal Distributer at St. Paul in
connection with the Northwest fuel situation, while H. M.
Grigg will continue at Cleveland in charge of the permits for
priorities on coal movement to the Lakes. E. M. Durham of
the American Railway Association has gone to Philadelphia
to represent Mr. Spense on the Anthracite Price Control
Committee there as a part of preparations for immediate assumption by the Federal Government of the distribution and
control of coal prices under the bill signed on Sept. 22 by
President Harding. A corps of naval officers was mobilized
at the same time for duty in the producing mine fields as
liaison officers between the fuel distributing agency and the
railroads.
ANTHRACITE DISTRIBUTION PLANS ADOPTED AT
PHILADELPHIA CONFERENCE.
Anthracite coal consumers throughout the United States
will get, this winter only 60% of the amount of coal they
burned last year, according to an announcement made in
Philadelphia on Sept. 21 following a conference between H.
B. Spencer, Federal Fuel Administrator, members of the
Pennsylvania Fuel Commission and representatives of similar bodies of other States. Up to April 1 1923 all anthracite
will be rationed to consumers on the 60% basis. The action
of the Fuel Commission is based on data which indicate that
only about 60% of the normal production of anthracite will
be mined between now and the spring. As a result of this
conclusion, the Commission has worked out a schedule of the
total number of tons each anthracite-using State can receive.
Re-allottment of this supply within the borders of the States
is a matter for the various State commissions. Those at the
general conference, in addition to the Federal officials were:
B. Preston Clark, Massachusetts; Leon Walker, Delaware; A. P. Lane,
Maine; 0. L. Eaton and W. R. Conway, Maryland; G. H. Webb, Rhode
Island; H. J. M. Jones, Vermont; J. J. Murphy, South Dakota, who represented also North Dakota, Minnesota, Nebraska, Michigan and Wisconsin; J.
W. Percell, Virginia; W. T. Grier and John Farrell, New York; Thomas W.
Russell, Connecticut, and J. S. Peters, New York.
Members of the Pennsylvania Commission attending were James S. Demi,
E. C. Felton, S. B. Crowell, W. J. Stern and Hugh A. Dawson. The Commission's Director of Transportation, R. C. Morse, was present also, as were
E. C. Parker, Director of Distribution; W. J. Thompson, Assistant Directar,
and the Anthracite Committee—S. D. Warriner, W. J. Richards, Alan C.
Dodson, J. F. Bermingham and W. H. Williams.
NEW YORK TO GET HALF NORMAL SUPPLY OF HARD
COAL THIS WINTER.
Official confirmation of the fact that New York will only
get half of its usual supply of anthracite this winter was
contained in a statement given out on Sept. 22 by William
H. Woodin, State Fuel Administrator. This fact, he warned,
will make necessary the absolute enforcement of the order
that no consumer be allowed more than two weeks' supply of
coal. He also made it known that seven of the mine companies, representing about 70% of the hard coal production,
had agreed on fixed prices for coal at the mines. These
prices ranged from $7 75 to $8 15 a ton. A maximum price
for the independent operators of $850 a ton at the mines,
announced by Governor Sproul of Pennsylvania. carries a
provision, Mr. Woodin said, that these mines continue to operate and submit their cost data to the fair practice commission with an application for an excess over the maximum.
These prices, it was said, would insure New York hard coal
at from $13 25 to $14. Mr. Woodin's statement was as follows:
At yesterday's meeting in Philadelphia between the various State Fuel
It appears necessary that State organizations or agencies be created in
States where they do not now exist that will invite co-operation, that will Administrators and the Anthracite Operators' Committee, it was the consencurrent
beyond
necessities
and
that
will
establish
coal
of
stocking
sus
prevent
of opinion after a careful study of the various figures that the immediate supply of anthracite domestic coal for the several States would be between
a reasonable margin for retailers and wholesalers.
Federal
Government is limited, but it 50% and 60%
The constitutional authority of the
of the amount received in the year previous—that is, April
will gladly co-operate with these State Governments as far as it can properly 1921 to April 1922.
for
the
price
however,
at
which
the
coal
is
responsibility,
This necessitates the continuance of the order promulgated by Mr. Woodin
do so. The major
sold to the consumers by the wholesalers or retailers within the State must in the State of New York that the coal as it reaches this State must be diviled
on a basis of two weeks' supply in order that all may be taken care of. It
rest with the State authorities.
The Federal Act is, of course, nation-wide in its scope, and I am, there- further necessitates the strictest form of economy in the use of anthracite
Governors
of
all
the
States
and
to
to
communication
fore, addressing this
domestic coal and the use of any substitutes which can be obtained, so as to
the State Fuel Administrations where such agencies now exist, although I take care of the winter needs of the householders of this State as well as all
understand there is considerable territory in the United States where there others.
The State Fuel Administration of New York will continue its policy of a
is no imminent coal shortage, nor complaint as to the cost of this commodity.
We shall depend upon the judgment of the State authorities in each State as fair and equitable distribution of all anthracite received in this State as diGovernment
is
desired
or
necessary
Federal
the
rected in its General Order No. 1. The New York State Fuel Administration
to whether or not the aid of
has been advised of the prices fixed at the mouth of the mines by large initial
as to interstate coal.
I would appreciate early advices from you as to the situation in your State operating companies in the anthracite field which are as shown by the acand the measures taken or contemplated to meet the emergency.
companying chart.
C. E. SPENS, Federal Fuel Distributer.
This practically insures reasonable prices; in fact, the same prices that
Appointments of Donald C. Conn of Minneapolis as assist- were made last March by between 65 and 70% of the anthracite producers
serving the State of New York.
ant Federal Fuel Distributer was announced on Sept. 23 by
In addition to this, Governor Sproul of the State of Pennsylvania has anDistributer Spens. C. J. Hepburn of Philadelphia has been nounced the $8 50 mouth-of-the-mine maximum price graded as to sizes by
THE CHRONICLE
1494
the so-called independent operators, with the further proviso—realizing that
it is necessary to have the maximum production of anthracite coal to take
care of the needs of this country—that any who cannot operate at this price
shall continue to mine and distribute their coal, and that after an analysis
of their production figures by the Fair Practice Committee a price in excess
may be granted to those whose local physical or operating conditions necessitate or warrant a higher price than the $8 50 figure. These prices will be
announced from time to time as the examinations are made and the price
determined by the Fair Practice Committee appointed by Governor Sproul
in the State of Pennsylvania, which is entirely outside and beyond the control of the New York State Fuel Administration.
Mine prices per ton for anthracite, agreed to by seven companies that control 70% of the hard coal produced, were
given out as follows:
Company.
D., L. & W
Williams & Peters (Erie)
Lehigh & Wilkes-Barre
Philadelphia & Reading
Lehigh Coal & Navigation
Lehigh Valley
Delaware & Hudson
Grate.
$7 75
7 75
7 75
7 90
8 10
7 90
8 15
Egg.
$8 00
7 75
800
8 10
8 35
8 10
8 15
Sizes.
Stove.
$8 00
8 00
8 00
8 20
8 35
8 15
8 15
Nut.
$8 00
800
800
8 20
835
8 15
8 15
Pea.
$6 15
6 15
6 15
6 20
6 20
6 15
None
PRESIDENT HARDING SIGNS COAL BILLS—APPOINTS CIONRAD E. SPENS FEDERAL FUEL
DIRECTOR.
President Harding on Sept. 22 signed the Administration
coal distribution and anti-profiteering bill and the factfinding coal commission bill, conference reports on which
were adopted by Congress. Conrad E. Spens, Vice-President
of the Chicago Burlington & Quincy RR. Co., was appointed
Federal Fuel Distributer under the new coal distribution and
anti-profiteering Act. Selection of the Burlington official
for the new post, which carries with it broad authority to
devise plans for movement of coal shipments, was announced
at the White House soon after President Harding had signed
the two bills. Mr. Spense is understood to have been recommended by Secretary Hoover, with whom he was associated
In the war-time Food Administration. This statement was
issued at the White House on Sept. 22:
The President to-day appointed Conrad E. Spense, Vice-President of the
Chicago Burlington & Quincy Railroad Co., to act as Federal Fuel Distributer
under the new Congressional Act.
Mr. Spense has been given a 60 days' furlough from the Burlington Railroad to undertake this work. He was chief of the transportation division of
the Food Administration during the war.
It is felt by the Administration that the coal problem is a problem of transportation rather than production and for this reason especially requires transportation experience in its solution.
Mr. H. B. Spencer, who has been acting as voluntary fuel distributer in
co-operation with the various departments of the Government, had consented
to act only until definite organization could be erected. He has requested
that he be relieved in order that he may reassume his work as President of
the Fruit Growers' Express. The President has to-day expressed to Mr. Spencer his appreciation of the fine service he has given the public.
[vol.. 115.
Theo. F. Whitmarsh, New York City.
Max W. Babb, Milwaukee, Wis.
John M. Crawford, Milwaukee, Wis.
Edwin C. Gibbs, Cincinnati, 0.
Clarence H. Howard, St. Louis, Mo.
Felix M. McWhirter, Indianapolis, Ind.
Alvan F. Simonds, Fitchburg, Mass.
Wm. Butlerworth, Moline, Ill.
The last eight named are Directors of the United States
Chamber of Commerce, which organization recently called
upon all local Chambers of Commerce throughout the country to co-operate in the present emergency. Members of the
industrial advisory committee will be asked to assist especially in the endeavor to have large industrial consumers
confine purchases of coal under present conditions as closely
to current needs as safety permits; to suspend accumulation
of advance stocks of coal until the present emergency pressure on production is relieved; to unload coal cars immediately and return them to service, and to promptly furnish
material required for new railroad equipment or repairs. A
committee of the National Coal Association, of which John
C. Bryden, of Baltimore, is Chairman, conferred with Federal officials in Washington Sept. 27 with a view to arranging a plan of co-operation between the bituminous coal producers of the country and the Fuel Administration.
The A'lowing mmed naval officers have been detailed to
act as field representatives of the Federal Fuel Distributer,
to be stationed at various points in the territory east of the
Mississippi River:
Lieut. F. B. Conger, of the Bureau of Navigation; Lieut.-Com. Louis Hancock, Jr., of the Bureau of Engineering; Lieut.-Com. A. W. Rieger, of Communications; Lieut.-Com. H. H. Bouson, of the Bureau of Ordnance; Lieut.
H. G. Patrick, of the Naval Acaemy ; Lieut. E. P. Eldridge, of Portsmouth,
N. H.; Lieut. G. C. Hitchcock, Torpedo Station, Newport, R. I.; Lieut. E.
P. A. Simpson, Navy Yard, Boston; Lieut. W. J. Larson, 4th Naval District;
Lieut. G. B. Junkin, 4th Naval District; Lieut. Joseph C. Arnold, 4th Naval
District; Lieut.-Com. L. A. Davidson, Hampton Roads; Lieut.-Com. H. H.
Ritter, 3rd Naval District; Lieut.-Com. J. R. Mann, Jr., Navy Yard, New
York; Lieut.-Com. Edward O'Keefe, Navy Yard, Norfolk, Va.
Lieut.-Com. E. A. Cobey, of the Bureau of Supplies and Accounts, will be
in immediate charge of the naval contingent. Lieut.-Com. Cobey acted in a
similar capacity with the Presidents' Fuel Committee.
John G. Price, Attorney-General of Ohio; Clarence J. Neal,
Fuel Administrator of that State, and George F. Baer, of the
Cleveland Chamber of Commerce, conferred with Fuel Distributer Spens on Sept. 26 relative to mcthods of co-operation between the State and Federal organizations. At the
suggestion of the Ohio officials, the naval officer representing the Federal Fuel Administrator in that State will be stationed in the office of State Fuel Administrator Neal, in Columbus, where much information and statistical data collected as a result of legislation recently enacted by the Ohio
General Assembly will be available. The Ohio officials are
especially interested in the obtaining of a proper proportion
FUEL DISTRIBUTER APPOINTS ADVISORY COMMIT- of available anthracite supplies and of bituminous coal from
TEES.
eastern Kentucky and the Virginias adaptable as a substitute
C. E. Spense, under date of Sept. domestic fuel. Wayne P. Ellis, Assistant Chief of the Coal
Distributer
Federal Fuel
26, asked the following-named railway executives to serve Division of the Department of Commerce, has been detailed
to the office of the Fuel Distributer as statistician.
as an advisory Committee on Transportation:
Daniel Willard, President, Baltimore & Ohio RR. Co., Baltimore.
W. W. Atterbury, Vice-President in charge of operation, Pennsylvania RR.,
Philadelphia.
H. E. Byram, President, Chicago, Milwaukee & St. Paul Ry., Chicago.
D. F. Bush, President, Missouri Pacific RR. Co., St Louis.
Hale Holden, President, Chicago Burlington & Quincy RR. Co., Chicago.
C. H. Markham. President, Illinois Central RR., Chicago.
A. H. Smith President New York Central Lines New York.
Carl R. Gray, President, Union Pacific System, Omaha.
Mr. Willard has been invited to act as Chairman of the
Committee, which is expected to consider ways and means
for accelerating the expedition of coal traffic. The following named men, prominent in business affairs, have been
asked to serve as members of an advisory Committee for Industry, which will keep in close touch with the distribution
of fuel supplies among industrial interests in their respective territories:
Mimi.
Gregg, St Paul,
Wm. J. Dean, President, Nicols, Dean &
Radiator Co., Buffalo, N. Y.
A. A. Landon, President, American
Chicago, Ill.
R. P. Lamont, American Steel Foundries,
Motors Co., 25 Broadway, New
A. J. Brosseau, President, International
York City.
Co., Philadelphia, Pa.
Locomotive
S. M. Vauclain, President, Baldwin
Lucas & Co., Philadelphia, Pa.
Ernest T. Trigg, Vice-President, John
Sheet & Tube Co., Youngstown, 0.
J. A. Campbell, President, Youngstown
Radiator Co., Chicago, in.
Chas. E. Foster, Vice-President, American
Co., New York City.
Conrad Swope, President, General Electric
Eugene R. Grace, President, Bethlehem Steel Corp., Bethlehem, Pa.
Mich.
Jos. Inglis, American Blower Co., Detroit,
0.
Sam. T. Bush, Buckeye Casting Co., Columbus,
Ind.
A. R. Erskine, Studebaker Corp., South Bend,
J. J. Raskob, Wilmington, Del.
Geo. R. James, Memphis, Tenn.
Newill Sanders, Chattanooga, Tenn.
J. S. Hecht, President, Hibernia National Bank, New Orleans, La.
Wm. Black, Avery & Co., Louisville, Ky.
Robt. F. Maddox, Atlanta National Bank, Atlanta, Ga.
SENATOR PEPPER'S IDEA OF WHAT IS REQUIRED IN
THE COAL TRADE.
A recurrence of the recent coal strike is unavoidable unless
there is an intelligent and sustained public opinion respecting the important questions underlying the coal industry, in
the opinion of Senator George Wharton Pepper, who played
an important part in the settlement of the anthracite strike.
Writing in the current number of "The Nation's Business,"
Senator Pepper says that the attitude of the public toward coal
varies from intense interest in time of a strike to calm indifference in time of peace. "A threatened famine," he says,
"leads to the discovery that the coal business is the business
of the people. Instantly there is talk of Government seizure,
of compulsory arbitration, of nationalization of mines, and
such like. As soon, however, as plenty replaces famine, the
citizen again buys his customary supply, curses at the price
and proceeds to dismiss the entire subject from his mind."
He then proceeds as follows:
If the coal business is in any sense whatever the people's business, it
ought not to require five months of strike and the imminence of frightful
suffering to arouse them to a languid interest in it. Now that a settlement
of the coal strike has been effected, we breathe a sigh of relief. But we
shall have the same thing over again in both the bituminous and anrthacite
fields unless there is an intelligent and sustained public opinion respecting
the tremendous industrial problems that are involved.
It is not merely a question of coal. The importance of the subject-matter
has merely drawn our attention to a state of affairs which exists in countless
Industries, We have been witnessing, we shall continue to witness, a fierce
controversy between two groups of extremely able fellow citizens whose lack
ef confidence in one another is as alarming as it is deep-seated. The operators think they have reason to distrust the unions. The unions are sure that
history justifies their distrust of the operators. When there is a deadlock
SEPT. 30 1922.]
THE CHRONICLE
between disputants the normal thing to do is to invoke third party intervention. But here, again, lack of confidence makes itself felt. The unions are
reluctant to entrust any third party with powers of decision for fear the
power will be abused. They insist that they must keep the right of decision
in their own hands backed by the tremendous power of the strike. The operators are reluctant to make any agreement which does not outlaw the srtike,
because they fear that the power to strike will likewise be used. Under
these conditions the thing to be eagerly striven for is a public opinion so obviously just and fair as to carry conviction of rightness.
This brief comment on the situation is written to arouse in the man who
reads it a sense of patriotic obligation so to inform himself upon the coal
situation as to be able to see it both through the eyes of the operators and
those of the mine workers. Nothing is more futile than to echo the extravagant charges and counter-charges which each group is always ready to launch
again4 the other. Among all the elements of doubt in the situation one
thing jg crystal clear—and that is the existence on each side of the controversy f enough of justice and right to make it absolutely essential to refuse
to became a partisan of either group.
Fair ess requires us to face all the facts—not to squint at some of them.
One fact Is that wherever multitudes of workers are employed by relatively
few employers the union is both necessary and desirable. Any employer who
dreams of a unionless industry is deluding himself. Attempts to crush unionism are both foolish and wicked. Another fact is that in the long run the
employee cannot be more prosperous than his employer. A union which shuts
its eyes to the actual conditions prevailing in the industry and attempts an
adjustment based upon an industrial fiction is a union that is grievously
misled.
Upon the personnel of the coal commission to be appointed by the President everything depends. Its members must, of course, be men of sufficient
business experience and knowledge of affairs to grasp the intricacies of coal
production, transportation and distribution. But vastly more important
even than this will be their capacity to identify themselves with the best interests of both parties. They must keep steadily in mind the ideal of ans
abundant life for the mine worker as well as a fair profit margin to the producer and a reasonable price to the consumer.
Everybody wants coal and wants it cheap. But nobody in his right mind
really wants a price that would consign the miner to a tread-mill existence
divested of all the joy of living. The labor item in a ton of anthracite is
somewhere between $2 92 and $4 11. It is obvious, therefore, that many
factors determine price other than the wages of the man who wrests the coal
from the earth. It is urged by the operators that the wages of the workers
are now inflated. If the commission so finds, lower scales will, of course, be
recommended.
Whatever the recommendation, assuming it to be really fair, its acceptance
or rejection will depend largely upon public opinion; for in the last analysis
a strike against a scale is an appeal to public opinion, while the willingness
of the operators to raise a scale depends upon their estimate of what the traffic will properly bear.
Three things should be always kept in mind. First, that there has been
among most employers of masses of men such a definite tendency to keep down
labor costs as can be met only by organization among the workers or by the
apprehension that they will organize unless fairly treated.
Second, that from the point of view of the wage earner the corporate treasury looks like a rich gold mine as the paternal purse to the small boy.
And third, that cautious labor leaders will never willingly exchange the
opportunity to bargain, backed by the power to strike, for what seems to them
the slim chance that a court or other decree-making tribunal will give them
a square deal. The question is not whether this lack of confidence is justified. The significant thing is that it exists. Because it exists it must be
overcome. We might as well recognize that courts cannot solve the coal problem, that compulsory arbitrations and legislative price-fixing will not solve
it, and that anger and distrust will only make matters worse. It will be the
function of the coal commission to do four things:
(1) To find all the facts.
(2) In doing so to win the confidence of both parties.
(3) To educate the public to see what the commission sees, and
(4) To devise a way in which so to focus public opinion on controversies
likely to lead to rupture that it will burn itself into the consciousness of both
parties.
It may even become necessary to provide by law that in case a strike in an
essential industry lasts more than a specified time the issue shall be submitted to all the people at a special election. Niether side could object to the
compulsion of a verdict at the hands of the American people. Thank God,
we still trust the collective judgment of all the people. Were that to fail us,
America would soon be one with Nineveh and Tyre and Babylon.
JUDGE WILKERSON GRANTS GOVERNMENT'S REQUEST FOR INJUNCTION AGAINST STRIKING
RAILROAD SHOPMEN.
The Federal Government won its case against the striking
railroad shopmen when Judge James Wilkerson on Sept. 23
granted a preliminary injunction restraining officials of the
Federated Railway Shop Crafts from doing any acts, lawful
or otherwise, which would tend to promote the obstruction
of interstate commerce. The decision, which is said to grant
every request made by Attorney-General Daugherty,completely rejects the contentions made by counselfor the defendants,
and constitutes what is claimed to be one of the most drastic and sweeping injunctions ever issued by a Federal Court.
According to the daily papers, the injunction order restricts
the activities of 270 officers and 400,000 members of the six
shop crafts belonging to the Railway Employees' Department
of the American Federation of Labor. Formal proceedings
through which Judge Wilkerson entered the temporary injunction were consummated on Monday of this week (Sept.
25). The proceedings were perfunctory, as Donald R. Richberg, attorney for the strike leaders, declined to interest himself in the form of the order, since, he said, the union was
subject to the "injunction as a whole." Effect was given to
the injunction without modification of the provisions regarded by the unions as placing a ban on free speech, free
press and free assemblage. In waiving the right to be heard
as to the form of the order, Mr. Richberg told the Court he
1495
was "unable to suggest any form of order which would be
effective to give legal sanction to the exercise of an authority which we respectfully urge is not within the power of the
Court."
While attorneys for the defense did not concern themselves
with the form of the order, they did make a conventional
plea for dismissal of the Government's petition for an injunction. This Judge Wilkerson denied. In the interest of
clearness, Judge Wilkerson made some changes in the wording of the original order, in several paragraphs adding the
phrase "with intent to further said conspiracy." Mr. Richberg said he had hope of gaining the consent of Government
counsel to a plan under which an appeal could be taken at
once direct to the United States Supreme Court, thus avoiding the expenditure of time and money on lower courts. He
also made this statement:
To call this proceeding in its method and result "due process of law," to
justify the denial of constitutional rights of the defendants by this judicial
finding based on ex-parte affidavits, seems to me to disregard the funds,mental principles of our system of laws, as well as to exercise a power specifically denied the Federal courts. An act of Congress was passed in order
to prevent the very deprivation of liberty and property which is here accomplished.
It appears that no one of the named defendants (shop craft leaders) is
even charged with the commission of any unlawful act, and I am unable,to
ascertain positively from a careful study of the opinion of, the Court just what
unlawful acts are found to have been done by any of the defendants in, furtherance of an unlawful conspiracy.
Apparently, however, the Court has found there is proof of an unlawful
conspiracy in "the large number of unlawful acts shown to have been cornmitted, most of them by unknown parties," and that the defendants are presumed to have knowledge that these things were done.
The salient features of Judge Wilkerson's 30-page opinion, according to press reports, are as follows:
In disposing of this motion it may be well at the outset to emphasise what
this case is not. It is not a case between an employer and employees, or between persons employed and persons seeking employment, involving or growing out of a dispute concerning terms or conditions of employment. It is not
a private bill to enjoin indirect injury, as one caused by a secondary boycott,
to the property of the complainant. It is, to use the language of Circuit Court
Judge Baker, speaking for the Court of Appeals, Seventh Circuit, in Cassaway vs. Borderland Coal Corporation, a bill in the public interest by the
Government as parens patriae to enjoin an unlawful conspiracy or combine,
tion in restraint of trade. It is the conspiracy which is inflicting the public
Injury for which redress is sought.
The right of the United States to maintain a bill like this under its general equity jurisdiction is no longer open to debate. In the Debs case, 158
U. S. 564, the court held that the national Government is charged with the
duty of keeping the highways of interestate commerce, Including railroads,
free from obstruction. Holding that such obstruction is a public nuisance
and sustaining, after an exhaustive review of the authorities, the power of a
court of equity to take jurisdiction in such cases by an information filed by
the Attorney-General, the court said: "Indeed, it may be affirmed that in no
well-considered case has the power of the court of equity to interfere, by injunction in cases of public nuisance been denied, the only denial ever being
that of a necessity for the exercise of that jurisdiction under the circumstances of the particular case."
The law is clear, in my opinion, that if the dominating primary purpose
of the combination is to restrain trade or to do things unlawful in themselves
and which by reason of their inherent nature operate to restrain trade, the
purpose of the combination is unlawful, and that purpose may not be carried
out even by the means that otherwise would be legal.
We come, then, to a determination of the question of the fact. Have we
here a combination of primary controlling, the purpose of which, regardless
of disputes about wages and conditions of employment, is the obstruction of
interstate commerce, or, from another point of view, have we a combination
of actors in a labor dispute, adopting for the accomplishment of their ends
unlawful means necessarily obstructive of interstate commerce and so interwoven with acts unlawful in themselves that the whole plan must be condemned as a restraint of trade?
In cases of this kind the proof is of necessity largely circumstantial. Acts.
must be taken in their relation to each other. Men must be presumed to intend the natural consequences of their acts. Proclamation of non-participation and exhortations to keep the peace cannot relieve from responsibility
for a series of acts so interrelated and interwoven that they bear on their faceproof of design and plan.
None of the defendants in this case has answered the bill. Two have filed
motions to dismiss and have presented affidavits which leave a large number of averments of the bill unchallenged on the record.
The fact that the defendants have been in combinations is not denied. On
the contrary, the defendants themselves have produced evidence of the closest
association and co-operation on the part of the defendant organizations. That
the officers of the unions gave directions concerning the strike from the outset is likewise admitted. The only material question really in dispute on
the record is the responsibility in law of the defendants for the large numberofunp
unlawful
laaw
rti
fue.
shown to have been committed, the most of them by
unknown
Notwithstanding the warnings aginst acts of violence sent out in the instructions of June 27 1922, there began throughout the country a series of
depredations which rapidly developed in some portions into a veritable reign,
of terror. Railroad bridges were dynamited, spikes were moved from rails,
obstructions were placed upon railway tracks, bombs were exploded on tracks
and in railroad yards and hurled at moving trains. Notwithstanding the
admonitions of the leaders of the combination to use peaceful means only,
the real situation at most of the places where the strike was in progress was
that employees were insulted, assaulted and otherwise intimidated.
The word of the "peaceful" picket spoken in the vicinity of the shop was
emphasized in the darkness of night by the club and pistol of the "unknown
party." Regardless of the condition that no injury must be inflicted upon
property, there was sabotage upon a large scale, engines, cars and equipment
were tampered with and innumerable acts of malicious mischief committed
which endangered the lives of both passengers and those operating trains.
These unlawful acts are shown to have been on such a large scale and in
point of time and place so connected with the admitted conduct of the strike.
that it is impossible on the record here to view them in any other light than.
as done in furtherance of a common purpose and as part of a common plan.
1496
THE CHRONTOLE
This record does not permit the conclusion that those who are at the head
of this combination did not actually know that these things were being done,
and that they were the directors of the methods by which the strike was
being conducted. If they did not actually know, they were charged with
such knowledge.
What is legal knowledge of a fact? It seems to have been held by the defendants that no one is chargeable with more knowledge than he chooses to
have, and is permitted to close his eyes when he chooses upon all sources of
Information, and then excuse his ignorance by saying that he does not see
anything. In criminal, as well as civil, affairs every man is presumed to
know everything that he can learn upon inquiry when he has facts in his
possession which suggest the inquiry.
Yet, with knowledge of this intolerable situation, nation-wide in its
scope, the leaders of this combination repeatedly sent out to the members of
their organizations bulletins and communications urging the men to greater
activity.
On Aug. 28 1922, with the record of almost two months of continuous disorder and violence before them, the leaders of these organizations sent out to
their members the following:
"If there be any among us who regret the step they have taken let them
turn back now, so that the brand of Cain can be on them for all time, because
this has ceased to be a pink tea or a vacation, but a real he-man strike from
now, and if you cannot measure up to that standard this is no place for you.
"However, keep in mind our policy that the laws of the land must be
obeyed, but there is so much that can be done and that has not been done
without violating the laws, that you are now asked to get on the job and do
your damnedest and then a little bit more. If the miners could fight five
months, then surely our people can, too. They won by sticking. We can do
likewise, and if you are not in this game to do your full duty, then step aside
and let a man take your place. These may be hard words, but this is war.
industrial war, and no place for kid gloves or soft talk. Now, boys, let's go
from here. No surrender."
These defendants will not be permitted, upon the record here, to deny responsibility for these unlawful acts. They will not be permitted to continue
acts which, even though they may be peaceable and lawful in themselves, it
has been demonstrated, are only part of a program of unlawful conduct and
are done for the accomplishment of an unlawful purpose. It hardly need be
said that this conclusion is upon the record as it now stands, and leaves the
defendants free to present their contention again if and when a different case
is made of the pleadings and proof.
It is asserted by the defendants that to prohibit some of the acts against
which the complainant seeks an injunction is to deprive them of fundamental
rights guaranteed by the Constitution. This contention has been answered
by what has been said with reference to the unlawful purpose of the conspiracy.
The record in this case shows that the so-called peaceable and lawful acts
are so interwoven with the whole plan of intimidation and obstruction that
to go through the formality of enjoying the commission of assaults and other
acts of violence and leave the defendants free to pursue the open and ostensibly peaceful part of their program would be an idle ceremony.
Defendants assert, as a ground against the granting of relief sought by the
complainant, that the strike was a decisive measure against a plot of the
railway companies to destroy the unions. The argument seems to be that the
defendants are justified in inflicting unol the public any injury which it
may be proper for them to inflict upon their adversaries in this conflict.
It must be remembered, however, that this is a suit brought for the benefit of the public. Restraint of trade may not be adopted as a weapon in industrial warfare. The Court must act upon the case now before it and give
its aid to the removal of the obstructions to commerce which are found to
exist.
It has been suggested by the defendants that as the strike has been settled
on some of the railroads there is no need for the injunction, or at least for
one of the breadth sought by the Government. The right to relief is to be
determined by the status existing at the time of the filing of the bill. Rights
do not ebb and flow. If they are invaded a recourse to courts of justice is
rendered necessary, and it is no defense to the invasion of right that since
the institution of the suit the invasion has ceased.
Defendants have submitted a motion to dismiss the bill. One ground is
that relief was sought in said bill and was obtained in said restraining order
for ulterior and unlawful purposes upon misrepresentation and suppression
of matters of fact and law, the disclosure of which was required by good faith.
During the hearing, which has lasted almost two weeks, the defendants
have neither offered nor suggested a scintilla of proof tending to establish
this averment in the mothin to dismiss.
It follows, therefore, that the motion to dismiss the bill must be denied.
It follows, also, that the complainant is entitled to an injunction prohibiting
the parties to the combinations from committing the unlawful acts charged,
the effect of which is to obstruct interstate transportation and the carriage
of the mails, or to restrain interstate commerce, as well as the acts charged,
which are lawful in themselves, when done in furtherance of a conspiracy to
obstruct interstate transportation and the carriage of the mails or to restrain
Interstate commerce. The parties will be heard as to the form of order to
be in conformity with their views expressed.
INJUNCTION AGAINST SHOPMEN "CLEAR-CUT VICTORY," SAYS ATTORNEY-GENERAL.
Judge Wilkerson's opinion in granting the temporary injunction against the railway shop crafts was declared a
"clear-cut victory" for the Government by Attorney-General
Daugherty. The Attorney-General, at his home in Columbus, Ohio, by telephone on Sept. 23 authorized the following
statement:
victory for the
(VOL. 115.
Railroad at the company's offices in this city. This action,
It was said, was taken to prevent a possible freight congestion that might seriously interfere with the prompt movement of food, coal, perishable supplies and other essentials.
The Pennsylvania announced the following steps, which
were expected to clear up the freight situation within the
next two or three weeks on that road:
Freight received from connecting railroad lines west of Altoona, Pa., and
Renovo. Pa., and such freight received from connecting railroad lines east
of Altoona and Renovo as may be destined for peints west of these two
'unctions will be limited to food for human consumption,feed for live stock,
live stock, perishable products, mine supplies, medicines, fertilizers, seeds,
newsprint paper, coal, coke and other fuel, petroleum and its products
in tank cars, surgical instruments, ore, grain, food containers and company
supplies when consigned to an officer of the Pennsylvania RR.
From Oct. 2 to Oct. 11 inclusive freight originating on the Central,
Southwestern and Northwestern Regions and freight originating on the
Eastern Region destined to points in the three other regions will also be
limited to food for human consumption, feed for live stock, live stock, perishable products, mine supplies, medicines, fer rizers, newsprint paper.
coal, coke and other fuel, petroleum and its products in tank cars, surgical
instruments, ore, grain, food containers, f're brick, limestone, dolomite.
ganister. fluorspar, magdolite, kendymag for furnace use and company
supplies whey consigned to an officer of the Pennsylvania RR.
It is intended that the clean-up undertaken during these ten days will
make it possible thereafter for the company to extend its service, explained
the Pennsylvania statement.
This action does not affect in any way the movement of freight of all
kinds received from the South from connecting lines at junction points
east of Renovo and Altoona and destined to points in territory east thereof.
It does not affect in any way the movement of freight of all kinds from
New England or from the North and destined to points in territory east of
Renovo and Altoona.
It does not affect in any way the movement of freight of all kinds originating on the company's lines oast of Renovo and Altoona and destined for
New England or the South through junction points east of Renovo and
Altoona.
It is hoped that constructive action at this time and for a short period
may avoid future cangestion for a much longer period.
Meanwhile, on account of the demands upon the company's cars and
locomotives extraordinary efforts are being made to keep equipment in
condition to perform more work than ever. The number of men employed
on the Pennsylvania lines to-day is 217.000. This Ls 11,000 more men
than the company had in its employ on June 15 1922.
It will require perhaps two weeks for the action outlined above to produce desired results. It is the hope of the management that in the meantime with the co-operation of the shipping public, the situation will permit
a broader range of service.
Tne embargoes are necessary in the interest of the consumers and producers who are dependent upon the Pennsylvania Railroad for its transportation of food and other essential supplies.
For several montns, with its lines open to freight of all kinds, the company has been handling an unusual volume of business. As an indication
of the immensity of the freignt movement, the unmber of loaded freight
cars handled on this railroad has risen since September to more than
173.000 per week as against 96,000 during the first week of 1922 and
134,000 a year ago.
The season of the year is now approaching when the railroads are always required to move more freight than at any other time. The railroads of the United States will be expected to move this Fall a volume
reached
of freight comparable with that or 1920, the year in which traffic
Its peak.
This situation is the natural result of the current unusual demand for
coal; the bumper grain crops now coming to market, and the increase in
general business activities.
Owing to the concentration in Pennsylvania Railroad territory of coal
mines, great producing industries and large consuming centres, a very
large proportion of this immense traffic necessarily converges upon the
company's lines. A careful review of conditions indicates that the height
sf the freight movement has not yet been reached but may be expected
within the near future.
It is expected as inevitable that the company's facilities in common
with those of all other roads will be taxed beyond their normal capacity.
Under these circumstances, a clear duty devolves upon the management
to take such action as will enable it to protect the movement of essential
commodities, and to render the greatest possible service during the Fall
and Winter months.
It is proposed by these measures:
First. To guard as far as possinle against any congestion developing
in the future which might ser'ously interfere with the prompt movement
of food, coal, perishable supplies and other essentials; and
Second. To provide for ti- e daily current movement of unusually
large quantities of such commodities on this railroad.
TWO RAILROADS PLACE EMBARGOES ON WESTBOUND FREIGHT.
The Lehigh Valley and the Delaware Lackawanna &
Western railroads on Sept. 23 declared embargoes on westbound freight effective on that date. The embargoes were
attributed to several causes, the chief of which was said to
Government It
The decision was a complete and clear-cut
heavy foreign imports of the last few weeks to escape
which affect the transportation of pas- be the
settles the law with respect to strikes
duties of the new Tariff Act. An abnormal
higher
the
and
of
carriage
the
commerce
the
United
interstate
sengers and property in
remains to be moved West. In the case of
freight
of
volume
States mails.
decree entered in pursuance of the
Lackawanna, the accumulation resulted
the
The Government will see to it that any
and
Lehigh
see to it that as quickly as possible the
decision shall be adhered to. It will also the acts to regulate
which neither road was able to handle.
traffic
of
volume
a
in
on
with
commerce
comply
the railway companies shall
Commerce
Commission
with
by both roads for the embargoes was
respect
Interstate
advanced
reason
the
The
of
any decisions or orders
decisions of the Railroad Labor Board
sacrifice all traffic in order to move anthracite.
to service or equipment, as well as all
to
desire
their
anything
say
to
unnecessary
is
It
relating to wages or working conditions.
The Lackawanna embargo applies to shipments from all
further at this time.
New York stations and New York harbors, bound to all
andconnections west of Washington, N. J., exON
EMBARGO
PUTS
destinations
NONRAILROAD
PENNSYLVANIA
coal, coke, fuel and other commodities
FREIGHT.
foodstuffs,
cepting
ESSENTIAL
exempted under the priorities established by the
Temporary embargoes on certain classes of non-essential specifically
Commerce Commission.
freight were announced on Sept. 28 by the Pennsylvania Inter-State
SEPT. 30 1922.]
•
THE CHRONICLE
1497
of seniority is to be settled in the future. Whether or not the
LEHIGH VALLEY ADOPTS NEW FREIGHT EMBARGO. question
road
would return to the old system of piecework, could not be learned.
In
Valley
Railroad
railroad
Lehigh
The
labor circles it was said the Erie strikers would receive in some
announced on Sept. 27 the
cases wages higher than the Railroad Labor Board scale, effective July 1.
establishment of a temporary freight embargo, effective and
in some cases lower. On tne New York Central and Baltimore &
Ohio
Sept. 28, which is said to be one of the most drastic restric- the men returned at the Railroad Labor Board scale. The wage adjustment
by
the
Erie is approximately the same as was given to the company union
tions of transportation ever put into operation by an Eastern
workers by the New Haven several weeks ago, it was said.
railroad. The embargo, which will expire Sunday (Oct. I), snoperafts
A new concession obtained by the Erie management was the agreement
by
against
midnight,
all
car
is
load and less than car load the unions that members of the shoperafts union assigned to wrecking crews
at
freight, both East and West bound from all points of origin should be exempt hereafter from answering strike calls. It was regarded in
railroad circles as a distinct victory for the Erie and a
broad
to all destinations, including connection, excepting freight view of the union's duty to the public by the Commiteeremarkably
of Chairmen.
specifically mentioned in the Interstate Commerce CommisAbout 8.000 shopmon formerly employed by the Erie will be affected by
settlement. It is understood that the road plans to find places for pracsion's Priority Service Order 23. The embargo, the road ex- the
tically all of these men if they return by expansion of repair work covering
plains, is to break the freight congestion. In the four days twenty four hours of continuous operation.
Bert N. Jewell, national leader of tne striking shopmen, at his headcovered by the order the railroad management said that it
quarters at the McAlpLn Hotel, yesterday continued his policy of refusing
hoped to be able to clear the rails. Under the priority order to
comment on strike settlements.
of the Interstate Commerce Commission coal will not be subRalph Budd, President of the Great Northern Railway,
ject to the Lehigh Valley embargo. Officials of the road ex- on
Sept. 28 issued a statement through the New York offices
plained that on the other hand the embargo would facilitate
of the company, in which he said:
greatly the movement of coal and other fuel, food products
The new shop organization has been completed on Great Northern and a
and live stock.
schedule of wages, rules and working conditions has been signed. We
have
now slightly over 93% of a normal force.
NEW YORK NEW HAVEN & HARTFORD REJECTS
BALTIMORE TERMS FOR STRIKE SETTLEMENT.
The New York New Haven & Hartford RR. will not consider any settlement of the shopmen's strike on the basis of
the so-called Baltimore agreement, President E. J. Pearson
announced on Sept. 24. He explained that the New Haven
would not re-employ all its striking employees and was determined to protect its new and loyal men. Explaining that
inquiry had been made by a representative of an international officer of the Federated Shop Crafts as to the possibility of a settlement, Mr. Pearson said:
Through the source from which the inquiry was received definite reply
has been made that the New Haven would not consider any such settlement. This last statement on behalf of the management should set finally
at rest any expectation that the Now Haven will depart from the position
maintained throughout the strike, that no man who has left its service on
strike will be re-employed except as a now man, if re-employed at all, and
that no qualified man now or hereafter employed who desires to remain
in the service will be displaced to make room for returning strikers.
INTERSTATE COMMERCE COMMISSION DISMISSES
COMPLAINT AG,AINST PULLMAN RATES.
Chief Examiner Quirk of the Inter-State Commerce Commission recommended Sept. 22 dismissal of the complain'
of the National Council of Traveling Salesmen's Association
and other traveling men's organizations against the 20%
increase in Pullman car rates which became effective May 1
1920. The examiner's report found that the increased
rates were not unreasonable despite the complaint of the
traveling men that it increased gross revenues approximately
$13,000,000 annually. "The rate reduction here sought
would, if granted," the report said, "practically dissipate the
revenues derived from the rate increase. Any such reduction
without reductions in operating expenses-more substantial
than can now be foreseen-would not only unduly impair
defendant's operating income but would create a deficit.
The claim that the rate reduction sought, if made, would
stimulate travel in Pullman cars to such an extent as to increase rather than diminish defendant's revenue is too specuative to be accepted as a basis for condemning the rates."
ERIE RAILROAD SETTLES WITH STRIKING SHOPMEN-GREAT NORTHERN COMPLETES NEW
SHOP ORGANIZATION.
Following conferences for several days with union leaders
in this city, announcement was made on Sept. 28 by the Erie
Railroad that a settlement had been reached with its striking shopmen. The conferences in New York were followed
by a meeting of union leaders and officials of the Erie road
at Youngstown. In making known the settlement, F. D. Underwood, President of the Erie, gave out the following statement:
On yesterday at a conference at Youngstown a plan was agreed to where
under all Erie shop employees that have been on strike since July 1 will resume work upon conditions satisfactory to both parties.
•
This is the second trunk line entering New York and the
third large railroad in the Eastern group of carriers to settle with its shoperaft workers. The total number of roads
that have settled with the strikers is now 79, according to
-union leaders. With respect to the terms of the settlement,
the New York "Times" said:
Mr. Underwood wotud make no comment yesterday upon the term& but
from official sources it was learned that the men will return to work on a
ailing scale was not discussed at the conferences, and It was said that the
road dealt directly with the men, all union officials being conspicuous by
their absence. It is assumed, however, that the men who had been employed by the Erie before the strike will be taken on as a new force and that the
EMPLOYMENT OF SELECTED INDUSTRIES IN
AUGUST.
The United States Department of Labor, through the
Bureau of Labor Statistics, which, as we indicated last
month (Aug. 26, page 942) had decided to broaden the scope
of its monthly report covering employment in selectee industries so as to include a larger number, presents on Sept. 25
information concerning the volume of employment in August
1922 from 2,595 representative establishments covering
1,249,144 employees in 42 manufacturing industries, and
says:
Comparing the figures for August 1922 with those for identical establishments for July 1922. it appears that in 30 of the 42 industries there were
increases in the number of persons employed, while in 12 there were decreases. The largest increase, 30.6%, appears in stamped ware. Fertilizers show an increase of 16% and printing-newspapers an increase of
11.5%. Respective decreases of 5.2%, 4.9% and 4.5% are shown in
tobacco (chewing, smoking and snuff), car building and repairing, and
men's clothing.
Thirty-three of the 42 industries show increases in the total amount Of
pay-roll for August 1922 as compared with July 1922. The remaining
9
Industries show decreases in the amount of pay-roll. Car building and
repairing shows an increase of 25.8%, stamped ware an increase
of 25.3%,
and fertilizers an increase of 24.5%. A decrease
of 0.6% appears for tobacco (chewing,smoking and snuff), and one of
3.9% appears for carpets.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS IN
JULY AND AUGUST 1922.
Number on
% of
No.of Period Pay-Roll in
InEstab- of
crease
ifs)- PayJuly
August or Dements Roll. 1922. 1922. crease.
Agrieul. Irani's. 39 1 week 14,3921
14,646 +1.8
Automobiles__
97 1 week 152.147'152,827 +0.4
Automobile
tires
3.
4 1 week 30,343 30,786 +1.5
Boots & shoes
116 1 week 66,745 69.448 +4.0
Brick
136 1 week 13,077 13,095 +0.1
Carriages and
wagons
16 1 week 1,768 1,805 +2.1
Carpets
16 1 week 13,731 13,684 -0.3
Car building &
repairing.... 72 % mo. 52,319 49,732 -4.9
Chemicals
36 1 week 8,390 8,659 +3.2
Clothing-.
Men's
112 1 week 39,951 38,150 -4.5
Women's_ _ _ _
97 1 week
+6.7
Cotton finishing 18 1 week 10,479 11,181
12,066 12,144 +0.6
Cotton mfg._ _ 124 1 week 81,826
85,558 +4.6
Industry.
chinery,apparatus & supp_ 64 1 week
50,828 52,612 +3.5
Fertilizers
20 1 week 2,575 2,987 +16.0
Fleur
30 1 week 3,654 3,921 +7.3
Foundry & ma
chine shops_
154 1 week 67,614 68,094 +0.7
Furniture
78 1 week 16,439 16,694 +1.6
Glass
59 1 week 15,492 15,319 -1.1
Hardware
16 1 week 14,637 15,016 +2.6
Hosiel Y &_goods
97 1 week 42,239 44,046 +4.3
Iron and steel
125 % mo. 155,030 153,260 -1.1
Leather
72 1 week 22,992 23,758 +3.3
Lumber,p-laning
mill
79 1 week 12,940 13,204 +2.0
Lumber, sawmills
113 1 week 38,369 28,286 -0.2
Millinery & lace
goods
18 1 week 2,450 2,653 +8.3
Paper boxes
40 1 week 7,081 7,400 +4.5
Paper and pulp 90 1 week 32,871 32,875 •
Petroleum
20 2 wks. 25,985 25,860 -0.5
Pianos
11 1 week 3,528 3,670 +4.0
Pottery
17 1 week 5,194 5,404 +4.0
PrintingBook and job 71 1 week 12,321 12,027 -2.4
Newspapers _ 75 1 week 21,579 24.050 +11.5
Shipbldg. steel. 15 1 week 10,985 12,088 +10.0
Shirta& collars_
70 1 week 21,679 21,113 -2.6
Silk
97 2 wks. 33,005 33,328 +1.0
Slaughtering &
meat packing 39 1 week 47,398 46,897 -1.1
Stamped ware_
10 1 week 3,225 4,213 +30.6
Stoves
14 1 week 2,844 3,084 +8.4
TobaccoChewing and
smoking &
snuff
686 -5.2
6 1 week
724
Cigars & cigarettes...
25,662 -0.6
25,804
98
1
week
woof,
_
R4 t svppk 15 731 30 221 +1.3
•Increase lees than one-tenth of one Per cent.
Amount of Pay-Roll
in
% Of
Increase
Ally
August or De1922. crease.
1922.
3335,283 $359,485 +7.2
4,519,643 4,931,748 +9.1
809,295
864,150 +6.8
1,460,762 1,560,536 +6.8
285,437
288,014 +0.9
39,814
348,232
41,551 +4.4
334,618 -3.9
2,134,427 2,685,339 +25.9
178,600
191,044 +7.0
1.070,386 1,035,076 -3.3
306,246
340,178 +11.1
245,689
242,677 -1.2
1,219,970 1,280,473 +5.0
1,165,197 1,240,825 +6.5
47,073
58,608 +24.5
88,169
93,860 +6.5
1,731,647 1,794,885 +3.7
354,364
375,208 +5.9
314,235
325.627 +3.6
294,749
312,013 +5.9
661,806
712,937 +7.7
6,523,949 7,424,212 +13.8
503,826
531,955 +5.6
311,818
316,574 +1.5
562,945
597,362 +6.1
51,929
58,441 +12.5
141,787
144,523 +1.9
761,895
789,396 +3.6
1,732,586 1,678,857 -3.1
96.003
98,966 +3.1
136,996
149,863 +9.4
415,258
406,184
740,605
818,664
292,602
326,429
305,903
300,219
1.201,934 1,263,562
1,024,416
64,668
67,774
-2.2
+10.5
+11.6
-1.9
+5.1
995,723 -2.8
81,003 +25.3
76,740 +13.2
12,180
11,376 -6.6
454,101
842.061
451,355 -0.6
848.771 +0.8
Comparative data covering identical establishments in 13 manufacturing
industries for August 1921 and August 1922 appear in the following table.
The figures show that in 8 of the 13 industries there were increases in the
number of persons on the pay-roll in August 1922 as compared with August
1921, and in 5. decreases. Iron and steel shows the largest increase36.7%. An increase of 25.6% appears for automobiles and one of 16%
for leather. Respective percentage decreases of 30.5 and 23.5 are shown
for woolen and cotton manufacturing.
When comparing August 1922 with August 1921. 5 industries show increases in the amount of money paid to employees, while 8 show decreases.
An increase of 57.5% in the iron and steel industry is the largest reported.
Cotton manufacturing shows a decrease of 28% and woolen a decrease
of 25.1%.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
IN AUGUST 1921 AND AUGUST 1922.
No.of Peri°
industry- Estab- of
lists- Payments
Automobiles__
Boots & shoes
Cat building (lc
repairing__ _
Cloth'g, men's
Cotton finish'
Cotton mfg.. _
Hosiery and
knit goods_
Iron and steel
Leather
Paper dr pulp_
Silk
Tobacco,cigar
& cigarettes
Woolen
[vol._ 115.
THE CHRONICLE
1498
Number on Pay- % of
InRoll increase
Aug. Aug. or De1921. 1922. crease.
Amount of Pay-Roll
inAugust,
1921.
August,
1922.
% of
Increase
or Decrease.
48 1 week 99,207124,619 +25.6 83,269,750 84,223,875 +29.2
97 1 week 65,093 65,418 +0. 1,522,135 1,468,109 -3.5
-0.2
55 A mo. 33,561 87,606 +12.1 2,041,073 2,036,6
796,952 -23.7
46 1 week 31,513 27,217 -13.6 1,045,046
26,080 -18.8
278,472
18 1 week 12,909 11,402 -11.7
744,105 -28.0
64 1 week 62,172 47,560 -23.5 1,034,035
507,419 +8.0
469,690
1 week 29,081 31,905 +9.7
A mo.103,458141,435, +36.7 4,348,589 6,848,589 +57.5
340,371 +11.6
304,86
1 week 13,321 15,453 +16.
556,869 +9.6
507,919
1 week 20,316 23,136 +13.9
633,075 -21.4
805,249
2 wks. 18,658, 16,0271 -14.1
1
305,2691 -2.5
312,977
55 1 week 16,4111 16,512 +0.6
380,329 -25.1
507,492
28 1 week 23,500 16,326 -30.5
66
112
43
66
48
STRIKING SHOPMEN PLAN JOINT ACTION WITH MINERS TO FORCE ACCEPTANCE BY CARRIERS
OF SETTLEMENT.
It was made known on Sept. 28 in this city that plans are
under way for the joint action by the striking shopmen and
the hard coal miners to force the anthracite-carrying railroads to accept the settlement terms of the shop crafts
unions. With respect to the plans of the shop craft strikers,
the New York "Times" had the following to say:
Stocks of department stores are practically the same as a year ago, both
In physical volume and dollar value. There was an increase of4% between
Aug. 1 and Sept. 1, a normal change at this season of the year because of
the receipt of fall and winter merchandise. However, as sales are larger
than last year the turnover of stock is somewhat more rapid.
Sales by snail order houses increased 1% during the month, but continuemuch below the high levels reached in 1919 and 1920.
Detailed figures are shown in the following table:
Stock on Hand
Total Net Sales
(in percentages)
(in percentages)
Aug. Aug. Aug. Aug. Sept. 1 Septa Sept.1 Sept.!
1919. 1920. 1921. 1922. 1919. 1920. 1921. 1022'
99
100
125
93
105
100
106
All department stores 94
100
100
128
95
108
100
105
98
New York
97
100
128
98
102
100
107
88
Buffalo
93
100
125
89
99
100
107
84
Newark
87
100
134
85
107
100
103
77
Rochester
8$
100
133
96
92
100
110
93
Syracuse
98.
100
116
101
96
100
120
102
Bridgeport
96
100
108
85
108
100
109
Elsewhere in 2d Dist 96
107
100
111
86
106
100
105
89
Apparel stores
--------101
100
139
Mail order houses_ _ _ 144
than
ahead
any
further
Merchants still hesitate to order for fmure needs
necessary. In those markets where prompt deliveries are assured the
tendency remains to buy for immediate shipment: but in others, where
delay in shipments has been frequent, advance orders are being placed
the
more freely. Outstanding orders on Sept. 1 amounted to 7.3% of
total purchased last year, compared with a corresponding figure of 8.3%
on Sept. 1 1921. Apparel stores, whose outstanding orders amounted to
11.5% of last year's purchases, have been the largest buyers in fall and
winter merchandise.
FEDERAL RESERVE BANK ON INCREASE IN WHOLESALE TRADE IN N. Y. RESERVE DISTRICT.
Wholesale trade in this district during August, although
retarded somewhat by the coal and railroad strikes, showed'
a distinct increase in a number of lines, according to an item
which will appear in the Oct. 1 issue of the "Monthly Review
of Credit and Business Conditions" by the Federal ReserveAgent at New York. The "Review" will say:
Compared with figures for August last year, sales were larger in eight
of the ten groups of commodities. Grocery sales showed a loss of 7%,
and although groceries are the most heavily weighted commodity in our
Index, this loss was not sufficient to prevent an increase of 2.4% in the
weighted average of sales. Shoe sales were 18% lower than last
The proposed alliance of the rail strikers and miners, it was stated, comes total
mainly on account of labor troubles in Rochester.
as a result "of the conviction among the 70,000 striking shopmen on the August,
The largest increases in sales were reported by dealers in machine tools
anthracite roads that the executives of these lines have organized to refuse to
diamonds. Sales in these lines were exceptionally small last year
settle the shop strike on the Baltimore or any other basis of agreempnt, and
gain this year has not been sufficient to bring them up to what is
coupled with the rapidly growing unrest among the anthracite miners who and the
considered a normal volume. A marked increase was shown in sales or
are being thrown out of work because these roads cannot move the coal that
hardware, and when allowances are made for price changes, it is evident
is now being mined."
sales were fully as large as during August 1919 or 1920. Sales
Strike leaders refuse to discuss the details of the proposed alliance or to that those
jewelry, drugs, and stationery showed moderate gains and sales of dry
say whether a sympathetic strike of miners was in prospect, confining their of
were the same as last August. Sales of clothing were irregular;
statement to the announcement that "the community of interests between goods
manufacturers of men's suits and overcoats reported sharp advances.
for
plans
has
led
crisis
to
present
the
in
workers
railroad
and
the miners
while sales of women's apparel were smaller.
formal pooling of forces between them and joint action."
Detailed figures are shown in the following table:
The first step under the new program will be a conference of rail shop
Total Net Sales (in Percentages)
union officials, representatives of the United Mine Workers, officials of the
July.
Aug.
Aug.
Aug.
Aug.
Pennsylvania State Federation of Labor, and public officials of cities in the
1922.*
1922.
1921.
1920.
1919.
Pennsylvania anthracite districts at Scranton . . . "to take action in
127
202
100
620
565
regard to the inability of the anthractie carrying railroads to move coal." Machine tocls
14X
156
100
151
559
Those who will attend the announcement said, include the Central Strike Diamonds
114
123
100
179
143
Committee, officials of the system federation of striking shop crafts workers Hardware
105
121
100
130
103
on the Pennsylvania, Lehigh, Lackawanna, Central of New Jersey, Dela- Clothing
107
140
100
155
92
(a) Men's
ware & Hudson. Lehigh & New England, New York Ontario & Western and
100
96
99
117
of
Chunk,
Mayors
Women's
the
Mauch
Scranton,
(b)
Philadelphia & Reading railroads,
123
111
100
179
227
Jewelry
Wilkes-Barre, Carbondale, Pittston, Hazleton and Shamokin.
104
101
100
158
122
Information received at the headquarters of the local strike committee Stationery
106
103
100
99
96
at the Hotel Continental was that a considerable number of mines in I he Drugs
97
100
100
128
127
anthracite districts had already shut down on account of transportation Dry goods
105
93
100
117
124
Groceries
facilities."
79
82
100
123
161
David Williams, Secretary of the Central Strike Committee,revealed in a Shoes
statement that the anthracite carrying roads had refused to settle the strike
102'
102
109
130
128
Total (weighted)
on the basis of the Baltimore agreement, or "any other plan except the with
absolute surrender of the men and the breaking up of our organization."
* Expressed in percentages of sales in July 1921.
FEDERAL RESERVE BANK ON INCREASE IN RETAIL
INCREASE IN CHAIN STORES IN NEW YORK FEDSALES IN AUGUST.
ERAL RESERVE DISTRICT.
The "Monthly Review of Credit and Business Conditions"
of the "Monthly Review of Credit and
issue
1
Oct.
The
by the Federal Reserve Agent at New York, to be issued Oct.
Reserve Agent at New York will
Federal
the
by
Business"
1, will state that "an increase in August of 5.3% in the sales
of 64 department stores in this district, compared with sales say:increase in the number of chain stores during the past year caused aAn
In August 1921, was the largest year-to-year increase re- gain of 11% in August sales by the systems that report to this bank. Average sales per store declined 11%.
ported since November 1920. It will also say:
In each of the past three years sales in August were below those of July,
but this year they were larger.
This gain has been due mainly to larger sales of house furnishing goods
and ready-to-wear clothing. Almost without exception merchants report
that furniture sales during August were well above those of last year, a
reflection of the completion of large numbers of new homes in all parts
of the district. A majority of merchants reported better sales of readyto-wear clothing, and stores that sell apparel and accessories exclusively,
showed a gain in sales of 6%.
As average prices of commodities sold by department stores are now
about the same as a year ago, the increase in the dollar amount of sales
probably reflects accurately the increase in the amount of goods sold.
For the fist month since late in 1920 the average amount of individual
transactions shows an advance, from $2 43 in August last year to $2 45
this year.
A diagram compares the sales of department stores last
year with those of the present year to date. It shows that
during the first three months of 1922 sales were behind those
three months they were
of last year and that during the next
slightly larger. The first marked increase was recorded in
August. The "Review" continues:
2,000 now stores
Grocery concerns, which have opened more than
in total sales, but
during the past twelve months, reported a gain of 16%
ten cent stores reported
Individual store sales showed a loss. Five and
sales. Smaller gains were
Increases in sales per store as well as in total
recorded by apparel and drug stores.
shoe stores appears to have been due solely
A loss of 3% in total sales by
of pairs sold increased more than 12%
to lower prices. The number
declined 13.6% from $3 59 in August 1922
pair
per
price
average
the
and
to $3 10 in August of this year.
following table:
Detailed figures are shown in the
%ofChange
Total Net Sales
Number of
inSalesper
(/n Percentages)
-StoresAug.
Aug. Store from
Aug.
Aug.
Aug.
Aug.
Type of
to'22.
1921
1921.
1922.
1920.
1919.
1922.
Store- 1921.
100
116 -13.6
114
82
6,073 8,161
Grocery
100
112
96
+8.1
82
1,694
Ten cent_ _ 1,600
100
104
+3.6
103
91
255
254
Drug
100
104
99
+2.8
69
373
369
Apparel
100
101
99
78
-18.5
2,591
2,123
Cigar
100
105
97 -15.9
119
213
184
Shoe
Total
10,603
13,257
82
104
100
111
-11.4
SEPT. 30 1922.]
THE CHRONICLE
1499
_END OF GERMAN BOOM PREDICTED BY BANKER. ITEMS ABOUT BANKS, TRUST COMPANIES,
ETC.
A copyright cablegram, dated Berlin, Sept. 24,is published
A New York Stock Exchange membership was reported
as follows by the New York "Times":
posted for transfer this week, the consideration being stated
The business boom in Germany shows no visible sign of slackening.
-One well-informed banker gives me his opinion, however, that the boom as $90,000, against $89,000 the last preceding transaction.
is coming to an end. The ground he takes is that Germany's present
position, despite the enormous difference in currency conditions, resembles
America's position on the eve of the 1907 crisis.
At that time there came first the boom with inflation of credit, next, an
unbearable strain on the credit system, third, the industrial depression.
This banker contends that the most significant premonition of a similar
result in Germany is the recent decline on the German Stock Exchange.
During the so-called "catastrophe booms" in Germany during the last
few years stocks advanced in full proportion to the rise of the foreign ex-changes, whereas this time in a period when the foreign exchanges have
risen from 600 to 700% stocks have advanced nominally only 50%.
The conclusion drawn is that the actual gold value of their quotation prices
kuks fallen to one-quarter what it was before, and the banker whom I quote
believes that this corresponds to the heavy break in stocks which preceded
-the American crisis of fifteen years ago.
The annual convention of the American Bankers' Association will be held in this city next week. Further reference
thereto appears in our "Current Events and Discussions" on
a preceding page.
Roger H. Williams has resigned as Vice-President of the
National Bank of Commerce in New York, and, after taking
a vacation, will become a partner in the firm of Estabrook
& Co.,investment bankers, at 24 Broad St., New York City,
and 15 State St., Boston, Mass. Mr. Williams was engaged
in private banking in Ithaca, N. Y., and in New York City
DISCONTINUANCE OF MUNICIPAL LOANS BY
with N. W. Harris & Co. (now Harris, Forbes & Co.) and
GERMAN FINANCE INSTITUTIONS.
N. W. Halsey & Co. (now National City Co.) from 1896 to
Copyright advices are reported as follows by the New 1904; in financial and legal work from 1905
to 1919 as an
York "Times" from Berlin Sept. 24:
executive officer in various corporations and as head of the
The financing of local expenditures in Germany has suffered a fresh blow
through the announcement cf the Giro Centrals that they will make no more law firm of Williams, Glover & Washburn; and from 1919 to
advances to municipalities. These Giro Centrals are public banks of a date Vice-President of National Bank of Commerce in
local constituence, founded first in 1914 by the municipalities themselves New York.
with the aim of financing municipal
war relief work. The working capital
of the Giro Centrals consists mainly of savings bank deposits.
In the attitude now taken, the Giro Centrals declare their resources to be
wholly insufficient to meet the vast demands for credit which come from
the municipalities. They openly ascribe the bad financial position of
these municipalities to the fact that former taxation powers of the cities
have now been arrogated to the German Republic, also to the fact that
numerous new and unprofitable functions have been laid on the municipalities.
Among other incidents of the banking situation, the private banks last
week decided not to pay interest on current accounts of less than 5,000
marks.
ANNUAL CONVENTION OF INVESTMENT BANKERS
ASSOCIATION OF AMERICA.
Approximately 150 members of the Investment Bankers
Association of America, representing the Eastern delegation,
left the Pennsylvania Station yesterday (Friday) afternoon at 2:55 on a special section of the Broadway Limited
to attend the annual convention of the Association to be held
in Del Monte, California, October 9, 10, 11 and 12. The
special train, which will carry the delegation across the
.continent, is made up of Pullman sleepers, observation
lounge, club and dining cars. The observation lounge
will carry as a part of its equipment a pianola for the entertainment of the bankers while market reports and news
of the day will supplied enroute by the Western Union
Telegraph Company and New Y9rk News Bureau.
Recognizing what it means to have within the State for
ten days hundreds of influential men from Eastern financial
.centres, the California Development Association has proffered to the California group of the I. B. A., convention
hosts, the organized service of its Statewide connection
to give the visitors the sort of reception and entertainment that will exemplify at its best the hospitality of California. An official delegation from the State association
will meet each of the westbound trains at Reno, Nevada,
and accompany the investment bankers across the Sierras.
The development Association has appointed a special committee to gather samples of California's choicest products
for presentation to the visitors at the various stopping
points. These offerings including samples of figs, raisins,
peaches, prunes, olives, walnuts, almonds, grapes, apples
oranges—the State's distinctive products. Californian hospitality will be in full evidence all along the line. At Sacramento the reception will be in the hands of George W.
Peltier, veteran banker and pioneer leader of development
activities. The day at Fresno will be spent under the
pilotage of A. G. Wishon, Vice-President and General
Manager of the San Joaquin Light and Power Company.
R. H. Moulton of R. H. Moulton & Company, heads the
Los Angeles entertainment committee, while at Santa
Barbara George A. Batchelder of E. H. Rollins & Sons,
is one of the leaders. The Santa Barbara committee has
some particularly novel entertainment plans worked up.
Between sessions at Del Monte, there will be a succession
of golf, motor trips, boating, trap-shooting, swimming,
tennis, &c. The program arranged for the business sessions of the convention will be as indicated in our issue of
August 26, page, 840, except that one additional report
will be embraced in the proceedings of Wednesday, Oct.
11,—namely, the report of the Legislation Committee,
the Chairman of which is Thomas N. Dysart, of Wm. R.
Compton Co., St. Louis.
William Gamble, Vice-President of the Irving National
Bank in charge of the Aetna Office of that institution at 92
West Broadway, died sudenly from a heart attack at his
home, in this city yesterday (Friday) morning. Although
he had not been in robust health since an illness several
months ago, he spent Thursday at his office. The funeral
services will be held at the North Presbyterian Church,
155th Street, near Amsterdam Avenue, at 2 o'clock tomorrow (Sunday) afternoon. Mr. Gamble, who was widely
known in the produce commission district, was born in 1847,
near Portadown, Ireland. He came to the United States in
October, 1866. Five years later he founded the produce
commission house of William Gamble & Company of which
he was president and a director at the time of his death. In
1904, he helped organize the Aetna National Bank, becoming
a director an vice-president of that institution. In 1913,
the Aetna was consolidated with the Broadway Trust Company, which later became the Irving Trust Company and
in 1920 merged with the Irving National Bank. Mr. Gamble
retained the position of Vice-President through these successive mergers. He was also a member of the Advisory
Board of the Irving's Aetna Office; president and a director
of the William Gamble Realty Company, Inc., and treasurer
and a director of the Brown-Gamble Realty Company, Inc.
At a meeting of the board of directors of the Bank of
Central & South America, Inc., held on Sept. 21, H. Esk
Moller, Secretary and Treasurer of the Cerro de Pasco
Copper Corporation, was elected a director of the bank.
The organization of the bank of Central & South America,
Ine., was referred to in our issues of Sept. 16, page 1268,
and Aug. 12, page 708.
We are advised from Paris that amalgamation has taken
place between the Banque Nationale de Credit and the Banque
Francaise pour le Commerce & l'Industrie. The shareholders of the latter receive four shares of the Banque
Nationale de Credit in exchange for five shares of the
Banque Francaise pour le Commerce & l'Industrie, and,
dating from Sept. 1 inst., the business is conducted under
the name of the Banque Nationale de Credit. The Banque
Francaise pour le Commerce & l'Industrie created in 1901,
had a capital fully paid of 100 million francs and had a large
net of correspondents abroad. It brings to the Banque
Nationale de Credit a valuable reinforcement of assets and
of relations.
The directors of the First National Bank of Hoboken, N.J.,
this week unanimously elected G. E. Zippel a director to
fill a vacancy caused by the death of William Shippen,former
President of the bank. Mr. Zippel has been connected with
the Lackawanna Railroad as its Hoboken terminal as general
baggage, express and milk traffic agent.
The Bankers Trust Co. of this city was advised in wire
advices from the Union Trust Co. of Chicago that the directors of the latter had authorized the following for immediate
publication:
1500
[VoL. 116.
THE CHRONICLE
About Oct. 1 Albert C. Koch will become associated with the Union
Trust Company, Chicago,in charge of the investment department, with the
title of Vice-President. Mr. Koch is bond sales manager of the Harris
Trust & Savings Bank, Chicago, with which institution he has been connected for the past 15 years. For eight years he was in charge of their
Milwaukee office, representing the bond department.
Mr. Koch is widely known throughout the Middle West
in banking and investment circles.
On Sept. 18 an important consolidation was consummated
in Atlanta. We refer to the merger of the Central Bank &
Trust Corporation of Atlanta (capital, $1,000.000) with the
Citizens & Southern Bank of Savannah (capital, $2,000,000),
with branches in Atlanta, Macon and Augusta, under the
name and management of the latter institution. The merger, it is stated, makes the Citizens & Southern Bank not
only the largest bank in Atlanta and in the State of Georgia,
but the largest bank in the Southeast. The consolidated
institution has deposits in excess of $55,000,000, of which
more than $30,000,000 is in Atlanta. The main office of the
Citizens & Southern Bank in Atlanta remains at Marietta
and Broad streets. Business is continued in the Candler
Building under the name of the Central Office of the Citizens
& Southern Bank. The Mitchell and Peachtree Street
branches of the Central Bank & Trust Corporation are now
known as the Mitchell and Peachtree Street offices of the
Citizens & Southern Bank. The officers of the anlarged
bank in Atlanta are: Frank Hawkins, Chairman of the Board;
Mills B. Lane, President; W.W.Banks, Executive Manager;
A. M. Bergstrom, Thomas C. Erwin, John V. Grant and
H. Lane Young, Vice-Presidents; W. V. Crowley, Cashier;
C.P. Cobb, Henry Cohen, W.B.Symmers,John E. Wallace
and W.H.Fitzpatrick, Assistant Casniers. Asa G. Candler,
the former President of the Central Bank & Trust Corporation, is not officially connected with the new bank because
of his desire to retire from active duties.
Gerald H. Bernard has been elected Assistant Cashier of
the Interstate Trust & Banking Co. of New Orleans. Mr.
Bernard is an Orleanian by birth, and after attending the
public schools of that city he attended Loyola, graduating
in 1916. His entire business career has been spent in the
Interstate Bank, where before his new promotion he was
Assistant Auditor.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 14 1922:
GOLD.
The Bank of England gold reserve against its note issue is £125,592,235,
week. There was a delay in the arrival
last
as compared with £125,587,650
of the African gold this week, owing to the steamer carrying the consignment, Kinfauns Castle, having stopped to render assistance to the sinking
German liner Hammonia. The moderate amount of gold on offer was
taken for New York and India. Gold to the value of $1,320,000 has arrived
Is New York from London. The Transvaal gold output for August 1922
amounted to 752,490 fine ounces, as compared with 730,635 fine ounces
for July 1922 and 711.526 fine ounces for August 192l. The following were
the United Kingdom imports and exports of gold during the month of
August 1922:
Imports.
Exports.
£3,782
Netherlands
£735
Belgium
136,750
West Africa
20,469
Java and other Dutch possessions in the Indian Seas
21,387
2,207,242
United States of America
1,867
Mexico
250
South American countries
175,772
Rhodesia
3.602.653
Transvaal
633.051
British India
12,600
Straits Settlements
40,368
9,885
Other countries
/3.979,782 £2.887,029
SILVER.
The market has been quiet and movements in the prices have been narrow. India has again figured as a buyer with China as the source of supa large scale, as buying orders
ply. Business, however, has not been on seemed willing
only to supply
have been limited as to price, and sellers
the market at a rise. After a return to level prices, cash silver has been
Bazaar
to
orders
for prompt
again at a premium over forward delivery owing
on a small scale and the
shipment. Supplies from the Continent have been
to
conducive
been
offerings
not
from
has
exchange
trend of the American
that quarter. Advice has been received from Bombay dated Aug. 25 to
large
shipments had been
the effect that in order to depress that market
made from London by bears, who sold much below parity. This attracted
large buyers to the Bombay market and China banks bought freely, following wiiich came a desire on the part a bears to cover their contracts; as
a consequence the price for the September settlement advanced from
Rs. 90-3 to Rs. 91-8. China banks are said to be heavily overbought in
Bombay, and It is believed in that city that in the event of silver being
exported thence, the market would soon touch parity, when the Bazaars
would resume buying in the London market. It is announced that the
Director of the United States Mint purchased 300,000 ounces of silver on
Sept. 1, making the total amount purchased under the Pittman Act to that
date 128,780,106 ounces. The output of the Burma silver mines during
the month of July 1922 is reported as 361,514 ounces.
3534d.
35%d.
3534d.
35%5.
35%cl.
35)4d.
35.1875.
3534d.
3534d.
35 WI.
3534d.
3534d.
353-gcl.
35.2295.
Sept. 8
Sept. 9
Sept. 11
Sept. 12
Sept. 13
Sept. 1.1
Average
•
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Sal.,
Mon., Tues., Wed., Thurs.,
London,
Sept. 23. Sept. 25. Sept. 26. Sept. 27. Sept. 28. Sept.29.
Week ending Sept. 29.
5-16
35
5-16
35
5-16
35
d 3534
3534
3534
Silver, per oz
938 2d. 938. 2d. 93s. 5d. 938. 56.938. 10d.93s. 105.
Gold, per fine ounce
5834
5634
5634
5634
5634
5634
Consols, 234 per cents
993-4
993-(
99%
9934
9934
9934
British, 5 per cents
96%
9834
9634
97
9634
9634
British, 434 per cents
French Rentes (in Paris)__fr_ 62.10 61.95 61.75 61.10 60.55 60.50
French War Loan (in
76.85
76.75 77
fr_ 77.90 77.20 77
Paris)
Silver in N.Y., per cm.:(cts.):
The price of silver in New York on the same day has been:
Domestic
Foreign
9934
6934
9934
6934
9934
6934
993.4
6934
993-4
69
993.4
6834
COURSE OF BANK CLEARINGS.
Bank clearings continued their upward course, although
the ratio of gain is again more moderate. Preliminary figures compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending Saturday, Sept. 30, aggregate bank clearings for all the
cities in the United States from which it is possible to obtain
weekly returns will show an incraese of 7.8% over the corresponding week last year. The total stands at $7,021,013,830,
against $6,515,927,022 for the same week in 1921. This is
the twenty-seventh successive week in which our weekly aggregates have shown an improvement as contrasted with
last year. Our comparative summary for the week is as follows:
1922.
1921.
Per
Cent.
83,247,000,000
451,668.571
366,000,000
248,000,000
111.754,032
a
128,700,000
*123,000,000
88,773,352
33,826,808
51,648,186
$3,069,100,000
407,222,296
305,000,000
208,274,260
140,000,000
a
118,300,000
130,800,000
70,504.196
52,308,222
44,586,276
+5.8
+10.9
+20.0
+20.2
-20.2
a
+10.7
-8.0
+25.9
-35.3
+15.8
$4,850,389,549
1,000,475,310
$4,542,095,250
887,843,935
+6.8
+12.7
85,850,844,859
1,170,168,971
$5,429,939,185
1,085,987,837
+7.8
+7.8
Total all cities for week
$7,021.013.830
a No longer report clearings. * Estimated.
86.515.927.022
+7.8
Clearings-Returns by Telegraph.
Week ending Sept. 30.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
Eleven cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends on Saturday
and the Saturday figures will not be available until noon
to-day, while we go to press late Friday night. Accordingly
In the above the last day of the week has in all cases had to
be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
For
results for the week previous-the week ending Sept. 23.
that week the increase is 15.6%, the 1922 aggregate of the
clearings being $7,459,668,457 and the 1921 aggregate $6,913,only
491,902. Outside of this city, however, the increase is
13.8%, the bank exchanges at this centre having recorded a
gain of 17.1%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the Boston Reserve District the increase is 25.2%, in the New York Reserve District (including this city), 17.1%, in the Philadelphia Reserve District
18.7%, but in the Cleveland Reserve District only 2.9%. The
Richmond Reserve District makes the best showing of all, it
trict
showing expansion of 30.7%. The Atlanta Reserve District
(
SEPT. 30 1922.]
THE CHRONICLE
has a gain of 16.5%, the Chicago Reserve District of 16.2%,
and the St. Louis Reserve District of 16.7%. The Minneapolis Reserve District is obliged to report a decrease,
though it is small, being only.0.5%. The Kansas City Reserve District aso falls behind, its decrease being 4.2%. The
Dallas Reserve District and the San Francisco Reserve District both enjoy gains, the former to the extent of 13.5% and
the latter to the extent of 14.3%.
In the following we furnish a summary by Federal Reserve
districts:
•
1501
1Veek ending September 23.
Clearings at
1922.
1921.
Inc. or
Dec.
1920.
1919.
$
$
'
io
$
$
Seventh Feder al Reserve 13 lstrict-Ch i cagoMich.-Adrian _ _
192,057
170,000 +13.0
201,164
114,383
Ann Arbor_ _ _ _
816,351
721,152 +13.2
472,579
475,000
Detroit
128,090,070 100,250,627 +27.8 126,014,253
99,472,653
Grand Rapids_
5,708,563 +1.4
5,787,249
6,413,653
5,194,601
Lansing
1,815,408
2,917,403 -37.8
1,929,635
1,581,184
Ind.-Ft. Wayn
2,127,186
1,670,844 +27.3
2,122,013
1,630,733
Indlanapolis.._ _ e18,200,000
15,210,000 +19.7
17,479,000
14,435,000
South Bend_ _ _
2,216,807
1,866,499 +18.8
1,650,000
1.580,057
WLs.-Milwauke
30,171,059
25,890,122 +16.5
32,835,324
27,553,943
Ia-Cedar Rapids
SUMMARY OF BANK CLEARINGS.
2,114,357
1,855,324 +14.0
2,528,638
2,551,771
Des Moines...
9,169,569
7,912,939 +15.9
11,285,958
10,974,504
Sioux City__ _ _
6,106,348
4,977,715 +22.7
8,287,726
10,282,574
Waterloo
1,432,330
Inc.,.?
1,219,975 +17.4
2,001,620
1,795,340
Ill.-Bloomington
Week ending Sept 23.
1922.
1921.
1,326,416
1,240,948
Dec.
+6.9
1920.
1,719,473
1919.
1,578,203
Chicago
559,376,445 489,214,515 +14.3 637,671,808 575,875,291
Federal Reserve Districts
Danville
a
a
a
a
a
(1st) Boston
Decatur
9 cities 364,629,481 291,310 605 +25.2 369,139,923 335,878,965
1,149,398
1,037,029 +10.8
1,715,941
1,287,584
(2nd) New York
Peoria
9 " 4,232,016,783 3,615,111,202 +17.1 4,567,642,991 4,610,641,347
3,917,667
3,350,279 +16.9
4,701,063
4,161,164
(3rd) Philadelphia _10 "
Rockford
498,958,668 420,310,894 +18.7 507,678,571 469,225,445
1,974,169
2,000,000 -1.3
2,700,000
2,147,148
(4th) Cleveland
9 "
Springfield__
352,667,421 342,682,696 +2.9 450,262,124 371,936,295
1,890,759
2,349,275 -19.5
3,006,821
2,082,439
(5th) Richmond
6 ••
170,065,614 130,070,697 +30.7 180,344,731 178,785,195
(6th) Atlanta
11 "
Total (19 cities) 777,873,645 669,563,209 +16.2 864,736,669
169,551,515 145,514,871 +16.5 190,701,876 186,991,972
757,773,577
(7th) Chicago
19 64
Eighth Feelers I Reserve Dis trict-St. Lo uis777,873,645 669,563,209 +16.2 864,736,669 757,773,577
(8th) St. louts
7 ••
66,468,662 56,970,842 +16.7 65,471,163 48,868,755 Ind.-Evansville.
4,601,221
.1,421,201
+4.1
5,487,646
Oa
4,786,646
(9th) Minneapolis
Mo.-St. Louis_ _
6
122,919,515 123,484,235 -0.5 170,746,329 86,821,131
a
a
a
a
a
(10th) Kansas City_
11
250,889,753 261,795,811 -4.2 378,354,771 363,048,351 Ky.-Louisville__
27,297,408
22,576,420 +20.9
29,586,155
14,037,561
(11th) Dallas
5 ••
Owensboro. _
70,055,670 61,622,177 +13.5 75,441,630 66,131,302
307,797
245,559 +25.3
429,939
473,536
(12th) San Francisco.....i4 ••
383,571,730 335,661,347 +14.3 374,265,528 334,882,687 Tenn -Memphis.
21,103,066
17,903,619 +17.8
17,096,232
18,350,632
Ark.-Little Rock
11,624,306
10,393,330 +11.8
10,767,804
9,084,365
Grand total
116 cities 7,459,668,457 6,45,198,586 +15.6 8,194,786,306 7,810,985,022 Ill.-Jacksonville.
298,572
323,813 -7.8
570,525
617,629
Outside New York City
3,293,821,553 2,893,217,070 +13.8 3,700,029,431 3,255,331,972
Quincy
1,236,292
1,101,900 +12.2
1,532,862
1,428,386
-Canada
28 cities 308,052,421 326,140,250 -5.5 398,408,703 338,334.567
Total(7 cities).
66,468,662
56,970.842 +16.7
65,471,163
48,868,755
Ninth Federal Reserve Dis trict-Minn eapolis -Duluth._
9,141,754
10,204,853 -10.4
13,063,513
7,328,395
We now add our detailed statement, showing last week's Minn.
Minneapolis_ _ _
74,744,536
72,331,625
+3.3 103.111,309
53,233,759
St. Paul
figures for each city separately, for the four years:
34,839,384
36,766,319 -5.2
47,391,586
19,079,256
N. D.-Fargo...
2,347,749
2,222,336
+5.6
3,576,747
3,775,379
S. D.-Aberdeen.
1,333,701
1,279,136
2,255,477
+4.3
1,994,870
Mont.-Billings _
512,391
679,966 -24.6
1,347,697
1,409,472
TVeek ending September 23.
Helena
C
Clearings atc
c
c
c
Inc. or
Total (6 cities)_ 122,919,515 123,484,235 -0.5 170,746,329
86,821,131
1922.
1921.
Dec.
1920.
Tenth Federal Reserve Ws trict-Kan s as City 1919.
Neb.-Fremont._
e61,604
448,981 -13.7
714,470
$
895,991
$
%
$
Hastings
$
535,860
First Federal Reserve Dist net-Boston549,499 -2.5
724.784
726,106
Lincoln
4,015,619
Maine-Bangor _
2,846,860 +41.1
4,880,264
5,033,125
755,774
660,619 +14.4
924,143
631,512
Omaha
_
42,179,280
38,371,28S
Portland
58,467,434
+9.9
C
65,098,743
c
c
c
Kan.-Topeka _ _
c
e2,839,491
Mass.-Boston _ _ 338,000,000 268,928,381 +25.7 339,043,854
2,518,004 +12.8
3,234,005
3,491,937
310,185,944
Wichita
el0,334,996
Fall River _ _ _ _
11,159,098 -7.4
15,968,631
1,791,718
13,661,056
1,788,487
+0.2
1,678,428
2,021,236 Mo.-Kan. City. 145,276,458 161,461,616 -10.0 233,284,299 233,550,361
Holyoke
a
a
a
a
St. Joseph
a
a
Lowell
a
a
1,136,659
a
a
1,006,534 +12.9
1,147,367
988,229 Okla.-Muskogee
a
Lynn
a
a
a
a
a
a
a
a
a
Oklahoma City e24,044,427
25,341,027
New Bedford_ _
34,180,214
-5.1
14,657,187
1,533,146
1,207,608 +27.4
1,618,082
1,320,256
Tulsa
a
Springfield __- a
a
a
4,307,530
a
3,172,938 +35.8
4,735,909
3,947,025 Col.-Col, Spgs._
1,088,552
Worcester
1,013,175
905,943 +12.0
3,262,820
925,170
2,828,641 +15.4
4,380,758
4,013,084
Denver
19,629,864
24,896,552
17,421,129
Conn.-Hartford
24,351,163
+12.7
8,717,893
7,233,161 +205
9,504,461
7,612,962
Pueblo
883,602
Haven__
990,943
772,366 +14.4
_
New
5,118,941
657,512
4,484,236 +14.2
6,106,921
5,158,717
RI.-Providence
a
a
a
a
Total(11 cities) 250,889,753 261,795,811
a
-4.2 378,354,771 363,048,351
Eleventh
Fede
ral
Reserve
District-Da liasTotal(9 cities). 364,629,481 291,310,605 +25.2 369,139,923 335,878,965 Texas-Austin
._ _
2,007,359
1,778,095 +12.9
1,300,000
1,292,727
Dallas
38,589,207
40,421,533
Second Feder al Reserve D istrict-New York31,000,000 +21.5
35,516,629
Fort
Worth_
_
_
e13,630,343
13,144,454
19,662,430
16,265,334
+3.7
4,188,809
N. Y.-Albany_ _
3,457,128 +21.2
4,547,411
4,723,505
Galveston
10,754,472
Binghamton__ _
11,716,057 -8.2
9,785,203
9,015,053
f958,900
832,323 +15.2
1,187,000
1,018,000
Houston
a
a
Buffalo
a
a
a
e44,006,675
37,030,787 +18.8
36,670,306 La -Shreveport.
47,563,987
5,074,289
4,083,171 +24.3
4,272,464
Elmira
4,041,559
532,847 Not included In total
Jamestown_ _ _ _
e1,211,096
991,916 +12.2
1,264,513
Total(5 cities).
70,055,670
61,722,177 +13.5
75,441,630
66,131,302
New York_ _ _ _ 4,165,846,904 3,558,981,516 +17.1 4,494,756,875 4,555,653,050
Twelfth Feder al Reserve D
istrict-S a n Franc isco-Rochester
8,708,312
7,102,782 +22.6
10,755,271
8,435,065 Wash -Seattle..
34,510,610
32,121,288
48,562,703
40,544.834
Syracuse
+7.5
3,025,842
3,113,568 +26.1
Spokane
3,642,568
4,013,588
a
a
a
a
a
Conn.-Stamford
d2,769.354
3,262,484 -15.1
Tacoma
3.,067,368
a
a
a
a
a
N. J.-Montclair
400,891
338,698 +18.4
498,853
486,978
Yakima
1,340,053
1,465,151 -7.9
1,709,294
1,609,829
Ore -Portland..
34,964,550
34,117,149
40,343,765
35,902,672
+2.5
Total(9 cities). 4,232,016,783 3,615,111,202 +17.1 4,567,642,991 4,610,641,347 Utah-SaltLCity
14,048,523
13,363,545
16,786,791
+5.1
17,395,476
Nevada-Reno _ _
a
a
a
a
Third Federal Reserve Dist rict-Philad elphiaa
Ariz.-Phoenix _ _
a
a
a
a
Pa.-Altoona
a
1,198,778
976,279 +12.3
1,149,600
921,467 Calif.-Fresno_ _ _
5,520,264
5,034,180 +9.7
5,305,652
6,218,240
Bethlehem __ _ _
2,893,678
2,554,717 +13.3
3,909,805
Long Reach...
5,534,593
3,376,042 +63.9
3,304,549
Chester
1,732,406
1,047,506
1,011,442
+3.6
1,424,548
Los Angeles... 103,236,000
1,552,042
83,030,000 +12.4
79,939,000
Lancaster
49,311,000
2,741,623
2,177,511 +25.9
2,615,357
Oakland
2,630,098
14,090,455
10,285.095 +37.0
Philadelphia _ _ 476,000,000 399,000,000 +19.3 481,809,094 449,637,872
10,700,680
9,282,713
Pasadena
3,391.226
2,757,317 +23.1
Reading
2,741,259
1,324,172
2,629,092
2,171,751 +21.1
2,454,443
2,422,526
Sacramento
8,804,040
Scranton
7,061,154
6,188,925 +42.3
6,152,144
e4,172,596
4,901,567 -14.9
5,283,181
San Diego_ _ _ _
5,193,029
a
Wilkes-Barre _ _
a
a
a
a
e2,580,657
2,831,024 -8.8
3,062,374
San Francisco_
2,612,696
152,000,000 136,300,000 +11.5 155,000,000 153,474,729
York
1,213,380
1,101,948 +11.1
1,506,016
San Jose
1,340,422
2,165,877
N. J.-Trenton._
2,468,421
1,803,634 +20.1
2,491,695
4,481,268
3,584,655 +25.0
4,464,153
Santa
2,915,293
Barbara_
Del.-Wilmingt'n
1,013,999
896,421
667,621 +15.2
a
a
a
a
a
Stockton
2,908,500
5,151,400 -43.5
6,041,900
2,846,716
Total(10 cities) 498,958,668 420,310,894 +18.7 507,678,571 469,225,445
Total (14 cities) 383,571,730
335,661,347 +14.3 374,265,528 334,882,687
Grand
total (116
Fourth Feder al Reserve D istrict-Clev eland cities)
Ohlo-Akron___ _
7,459,668,457 6,454.198,586 +15.6 8,194,786,306 7,810,985,022
e6,257,000
5,901.000 +22.9
10.519,000
12,655,000 Outside N.Y-___
Canton
4,640,454
3,399,868 +38.5
4,928,631
3,806,787
Cincinnati
_
61,937,638
54,300,749 +13.9
73,428,270
62,579,577
Week ending September 21.
Cleveland
f107,609,554
Clearings at90.318,728 +11.9 135,018,724 116,944,156
Columbus
13,086,000
13,545,900 -3.4
14,097,500
12,589,800
Inc. or
Dayton
a
a
a
a
'1922.
a
Dec.
1921.
1920.
1919.
674,953
Lima
700,000 -3.6
828,240
875,760
Mansfield
Canada
C
c
c
c
c
$
'
$
$
,,
$
_
Springfield
Montreal
a
a
a
a
a
94,485,507
104,293,949
-9.4
137,747,897
110,389,743
Toronto
Toledo
a
a
a
a
a
86,872,972
85,717,609 +1.3 101,865,985
89,786,462
Youngstown _ _
e3,771,607
Winnipeg
3,923,120 -3.9
3,308,614
4,342,275
56,813,237
60,429,123 -6.0
65,400,883
59,006,143
Vancouver
a
a
Pa.-Erie
a
a
a
13,642,809
13,703,614 -0.4
18.634,050
12,974,467
Ottawa
Greensburg __ _
c
C
c
c
c
6,712,835
7,582,447 -11.5
7,997,962
9,398,139
Quebec
.157,000,000
167,400,000 -6.0 202,737,981 153,546,427
Pittsburgh - - 5,847,185
7,391,939
5,761,606
+1.5
5,594,468
3,690,215
W.Va.-Wheeling
3,913,331 -5.7
5,305,164
4,596,513 Halifax
2,593,463
2,545,697 +1.9
5,270,318
4,986,674
Hamilton
5,901,640
+3.1
5,722,176
7,799,376
6,139,826
+2.9 450,262,124 371,936,295 St. John
Total(9 cities)- 352,667,421 342,682,696
2,926,684 -14.7
2,496,010
3,259.129
3,366,029
Calgary
6,855,740 -29.1
4,860,300
8,876,850
8,269,756
London
Fifth Federal Reserve Dist rict-Richm ond2,853,611
2,905,773 -1.8
3,621,745
3,040,060
Victoria
1,400,118 +13.7
1,591,347
1,706,276
W. Va.-IIunt'on
2,065,431
2,303,526 -10.3
2,595,377
2,025,031
Edmonton
6,398,078
e6,662,694
Va.-Norfolk__ _
+4.1
9,077,198
9,577,338
4,104,402
5,338,565 -23.1
5,002,405
4,653,949
42,727,192 +15.3
49,258,122
Richmond _ _ _ _
56,525,214
65,272,893 Regina
4,467,529 -13.7
3,854,876
4,535,644
4,733,248
Brandon
2,000,000 -4.8
1,904,354
3,700,000
S.C.-Charleston
3,720,551
-14.5
721,855
844,631
705,373
762,570
62,090,165 +47.9
91,85b,172
Md.-Baltimore _
93,717,428
86,106,315 Lethbridge
619.145
695,263 -10.9
987,106
760,146
15,455,144 +21.6
18,794,925
15,618,615
D. C.-Wash'ton
14,108,098 Saskatoon
1,765,753
2,134,367 -17.3
2,442,351
2,139,532
Moose Jaw
1,620,039 -23.5
1,239,908
1,927,199
2,145,139
Brantford
130,070,697
+30.7 180,344,731 178,785,195
Total(6 cities) _ 170,065,614
1,046,735 +38.4
1,448,691
1,482.508
1,339,867
Fort William_ _ _ _
844,994 -8.7
771,326
939,954
1,016,705
New Westminster
Sixth Federal Reserve Dist rict-Atlant a618,949 -14.1
531,549
697,870
.548,853
Medicine
Hat...
6,011,266
+7.5
Tenn.-Chatt'ga.
8,743,062
e6,459,603
6,596,611
345,284
420,871 -18.0
733,111
480,358
2,789,434 -6.1
2.618,731
3,200,000
Knoxville
2,598,655 Peterborough___ _
800,511 -13.5
692,624
1,005.776
756,111
Sherbrooke
+21.4
23,499,636
15,350,603
Nashville
18,634,637
15,352,136
945,298 -20.2
754,254
1,351,744
853,017
58,486,576
44,480,960 +10.0
49,348,707
_
69,856,189 Kitchener
910,963
926,589 -1.7
1,049,452
916,554
3,823,042
2,856,902 -25.2
Augusta
2,137,545
6,649,205 Windsor
3,217,162
2,851,463 +12.8
4,189,212
2.250,720
Prince Albert_ __ _
Macon
1,800,000
*1,500,000 +1.5
1,522,108
297,301 Not included in total
1,300,000
Moncton
a
Savannah
a
a
a
a
1,189,590
1,067,894 +11.4
847,487
Fla.-Jacks'nville
10,680,278
7,805,846 +16.1
9,063,328
768,608 -3.9
7,836,890 Kingston
739,139
20,384,168
18,416,157 +46.7
27,017,451
15,802,286
Total(28 cities) 308.052 421 326.140.250 -5.5 398.408.703
Mobile
c
c
c
c
C
338.334.567
Miss -Jackson..
637,110
+4.1
798,672
831,530
818,716
a No longer report clearings
Vicksburg
289,64
345,989 -13.2
265,830.
or only give debits against individual accounts, with '
335,794 no
comparative figures for previous years. b Report no clearings, but give
La.-New Dri'ns_
59,158,35(
45,159,042 +14.4
51,652,030
compara59,845,490 tive figures
of debits; we apply to last year's clearings the same ratio of decrease
Total (11 cities) 169,551,515 145,514,871 +16.5 190,701 87C 186,991,972 (or increase) as shown by the debits. c Do not respond to requests for figures.
d Week ending Sept. 20.
ending
Week
Sept.
21. f Week ending Sept. 22,
e
_
Estiin8te(1,
1502
[VOL. 115.
TELE CHRONICLE
banks under the Comptroller's
Condition of National Banks June 30.-The statement of conditions of the national
on, like details for previous calls
call of June 30 1922 has been issued and is summarized below. For purpose of comparis
back to and including June 30 1921 are included.
UNITED STATES ON JUNE 30, SEPT. 6
L BANKS IN THE
ABSTRACT OF REPORTS OF CONDITIONS OF NATIONA
[In thousands of dollars].
AND DEC. 31 1921, MARCH 10, MAY 5 AND JUNE 30 1922
ResourcesLoans and discounts_a e
Overdrafts
Customers'liability account of acceptances
United States Government securities owned_b
Other bonds,stocks, securities, &c
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due from national banks_c
Amount due from other banks, bankers and trust companies_c
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from U. S. Treasurer
Other assets
Total_e
May 5 1922 June301922
June 30 1921 Sept. 6 1921 Dec. 31 1921 Mar. 10 1922 8,230 banks. 8,249 banks.
8.154 banks. 8,155 banks. 8,169 banks. 8,197 banks.
$
9 11,184,116 el1,248,214
11,125,099 10,977.614 10,981,783 el1,282.57
9,198
10,227
11,295
9,949
12,355
9,970
176,238
168,935
169,887
200,663
202,354
238,287
2.285,459
2,124.691
2,031,564
1,975,898
1,861,977
2,019,497
2,277,866
2,162.587
2,086,596
2,081,442
1,973.749
2,005,584
452,434
444.368
440.296
429.929
421,027
410,392
64,383
62.531
57,598
54,368
52,939
51,742
1,151,605
1,150,885
1,124,707
1,143,259
1,029,978
1,040,205
355.666
330,917
312,900
349.911
305.469
328,002
326,181
334.504
336,065
341,811
357,798
374,349
974,975
974,375
987,816
863,508
808,619
756,861
267,050
244,707
248,578
228,802
231,044
259,656
767,096
681,269
481,368
437,750
467.845
656,093
63,394
45,215
38,207
69,236
54,973
60,478
64.928
44,053
41,205
62.209
55,242
61,238
36,767
36,823
36.507
36,697
35,845
36.290
184,556
176,445
163,234
152,921
165,274
204,703
8 e20,706,010
19,638,446 19,014,102 19,420,136 e19,850,402 e20,176,64
Liabilities1,273,880
Capital stock paid In
1,026,256
Surplus fund
496,155
Undivided profits, less expenses and taxes paid
704,147
National bank notes outstanding
18,678
Due to Federal Reserve banks
699,705
banks_c
to
national
due
Amount
1,432,628
Amount due to other banks, bankers and trust companies c
147,003
Certified checks outstanding
189,647
Cashier's checks outstanding
8,709,825
Demand deposits
3,695,806
Time deposits (including postal savings)
249,039
United States deposits
15,142,331
Total deposits
100,324
b
borrowed_
nt
securities
United States Governme
2,830
Bonds and securities (other than United States) borrowed
140,195
Bills payable,other than with Federal Reserve banks
452,368
banks
Bills payable with Federal Reserve
Advances received from War Finance Corporation
Bills payable (including all obligations representing borrowed money other
than rediscounts)
Notes and bills rediscounted (Including acceptances ofother banks and foreign bills of exchange or drafts sold with indorsement)
6,188
Letters of credit and travelers' checks outstanding
Acceptances executed for customers and to furnish dollar exchange less
239,682
those purchased or discounted
11,243
Acceptances executed by other banks
42,847
Liabilities other than those stated above
19,638,446
Total e..
1,276,177
1,027,373
538.784
704.668
16,068
757.985
1,343,245
124,870
175.243
8,352,756
3,680,704
109.981
14,560,852
84.847
3,230
133,836
417,859
d879,416
705,078
Liabilities for rediscounts, including those with Federal Reserve banks _e
1,282,432
1,033,406
464,782
717,473
18,882
779,783
1,467,221
56,061
208.795
8,606.943
3,749,328
188,089
15,075,102
66,923
5,740
103,059
381,889
11,375
1,289,528
1,036.184
508,560
719,570
17,641
962,140
1,560,920
174,469
175,632
8,446,530
3,837,759
215,347
15,390,438
53,722
6,103
1,307,216
1,048,806
492,434
725,748
19,852
916,740
1,565,459
205,682
245,091
9,152,415
4,111,951
103,374
15,320,564
42,475
2,897
275,089
248,681
228,481
285,940
5,050
280,271
8,256
170,132
14,748
55,715
172,887
16,494
59,481
4,976
3,951
323,737
4,719
206,507
11,673
43,320
202,378
16,558
55,068
171,332
13,869
57,551
19,014,102
1,296,220
1,040,249
522,658
720.984
21,213
936.399
1,657,409
190,877
193,763
8,707.201
3,918.282
141.844
15,766,988
46,225
3,058
19,420,136 e19,850,402 e20,176,648 e20,706,010
(e)
523,606
(e)
38,797
38,371
Details of Cash in Vault37,360
36,749
40,152
44,134
34,885
35,153
Gold coin and certificates
36,182
36,949
36,790
64,625
12
Silver and minor coin and certificates
25
9
55
72
252,494
260,968
Clearing House certificates
262,498
268,104
280,801
265,518
Paper currency
8,504,104
Deposits
Demand.
of
8,126.199
Details
7,893,698
8,069,775
7,849,408
8,036,561
275,087
263,501
Individual subject to check
273.920
274,538
281.083
290,414
221,876
189,682
Certificates due in less than 30 days
143.619
115,712
110,335
118,493
44,713
municipal
44,217
State and
44.202
43,655
46,564
52,746
34,936
1,513
Deposits subject to less than 30 days' notice
1.229
38,747
1,676
32.281
71,699
82,089
Dividends unpaid
89.862
64,516
63,390
179,330
deposits
Other demand
1,080,828
1,029.785
Details of Time Deposits999,339
991,564
980,604
980,918
36,886
28,113
Certificates due on or about 30 days
22,571
16,791
27,316
17,828
32,943
34,052
State and municipal
30,653
30,839
34,210
36,384
2,961,294
2,826,332
Postal savings
2,785,196
2,710,134
2,638,574
2,660,676
deposits
time
Other
12.76
13.74%
13.45%
Percentages of Reserve14.28%
13.15%
12.02%
10.30
10.46%
Central Reserve cities
10.27%
10.57%
9.8391
10.22%
11.527
12.08%
cities
Reserve
11.85
Other
12.45%
11.45%
11.114
7.5191
7,3407
7.51
7.47%
All Reserve cities
7.62°!
7.52%
9.76%
10.04 0
Country banks
9.91%
10.28%
9.53%
9.46%
Total United States
ss,
of
indebtedne
s
certificate
States
United
notes,
of credit. b Includes Liberty loan bonds, Victory for "Net amounts." d Erroneously reported in
a Includes customers' liability under letters
nt securities. c Prior to June 30 1921 this item called and
and Liaof
Resources
totals
and
and all other issues of United States Governme
discounts
Loans
in
included
are
June 30 1921 abstract at $878,344,000. e Beginning Mar. 10 1922, rediscounts
bilities.
ALLAN A. RYAN TO START AGAIN IN WALL STREET.
Allan A. Ryan, who went into bankruptcy last July, filed
articles of incorporation at Albany recently for a new firm
dealing in stocks and bonds, to be known as the Allan A.
Ryan Company, Inc. The new firm, it is said, will have a
capitalization of 50,000 shares of no par value, 2,500 shares
of Class "A" stock and 2,500 shares of Class "B" stock. The
active capital of the firm will be $50,000, it is said. The incorporators were George F. Lewis (personal attorney for Mr.
Ryan in the recent bankruptcy proceedings), H. B. Tibbets
are to be displaced on
and W. Rand, Jr. These, it is said,
wn financiers. The failthe board of directors, by well-kno
ure of Allan A. Ryan was refered to in our issue of July 22,
p. 371, and subsequent issues.
Commercial andMiscellaneonsnew
some 28 points to 240, the close to-day being at 230. Mutual
% to 12 and ends the week at 11%.
Oil advanced from 103
Trading in industrials fell off somewhat, and most prices
showed no material change. Amalgamated Leather corn.
was conspicuously strong, advancing from 10% to 14%, the
final figure to-day being 14. The pref. sold up from 37 to 41.
Bethlehem Steel new corn. was off from 743/i to 72%, with
sales to-day at 72%. The new pref. dropped from 98% to
49%
96. Commercial Solvents A stock rose from 473/ to early
and sold finally at 4932. Durant Motors, after an week
advance from 45% to 46, dropped to 43% and ends the
Bonds
at 43%. Glen Alden Coal lost over 3 points to 54%.
show only slight changes.
Breadstuffs figures brought from page 1652.-The
statements below are prepared by us from figures collected by
Western
the New York Produce Exchange. The receipts at y and
lake and river ports for the week ending last Saturda
been:
since Aug. 1 for each of the last three years have
Barley,
Rile.
Oats. I
Corn.
Wheat,
Market opened the week Receipts at- Flour.
The Curb Market.-The Curb
32 lbs. bush.481bs. bush.513lbs.
.bush.
lbs
56
r
became
bush.
ary,
thereafte
60Ibs.
bbls.196l8s.bush.
reaction
shortly
but
109,000
strong and active,
898,000 4,911,000 1,224,0001 289,000
361,000
Chicago
ity
i
irregular
specuable
marked
consider
that
101,000
889,0001 327,000 293,000
4,622,000
Minneapolis_
with the result
249,000 2,034,000
57.000j
were
again
of
issues
the
249,000
centre
011
3,808,000
d
Duluth
62,000
lation. The Standar
12O.000j 226,000
410,000
101,000
51.000
Y.from 494 moved up to 556, Milwaukee__ 7,000
55,000i
105,000
120,000
interest. Standard Oil of N.
Toledo
The
64,000
close
y.
532.
was
at
to-da
46,000
ions
31,000
transact
Detroit
with heavy
384.000
407,000
65,000
an advance from 117% to Indianapolis
6,000
14,000
422,000
560.000
754,000
Standard Oil (Indiana), after
90,000
Louis_ _ _ _
recovered finally to 118. Ohio St.
2,000
24,000
339,000
480,000
87,000
31,000
Peoria
120%, reacted to 116% and
148,000
121,000
1,839,000
final
the
315,
being
ion
to
transact
Citypoints
Kansas
15
252,000
395,000
Oil gained about
560,000
) sold up from 580 to 600 Omaha
12,000
71,000
262,000
at 307. Standard Oil (Kansas
Oil rose from 501 to 533, the St. Joseph_
and at 590 finally. VacuumElsewhere in the oil list
4,264,001
7,858,000
1,109,000 2,513,000
13,245,000
533,000
price Total wk. '22
8,100,000 4,571.000 1,018.000 1,017,000
close to-day being at 527.ns were without significance and Same wk. '21 534,000 13,318,000
6,292,001
5,928,000
1,368,000 1,200,000
10,334,000
exceptio
300,001
'21
few
wk.
Same
changes with
co.) after a gain of about
trading light. Gulf Oil of Pa.(new
Since
1Aug.
613,' and closed to-day at 62%. 1922
4,267,000 103,928,000 48,942,000 41,143,000 7,855,000 22,702,000
two points to 66 reacted to230
4,157,000
3,934,001 120,383,000 58,967,001 52,268,000 6,082,000
to 267 and sold finally at 261.
1921
Humble Oil advanced from conspicu
2.055.000 71.196.000 25.150.000 52.121.000 7 AAR nnn ce77nnn...
1920
an
for
of
ous
advance
was
um
Petrole
Magnolia
•
SEPT. 30 19221
THE CHRONICLE
1503
Total receipts of flour and grain at the seaboard ports for
Philadelphia Stock Exchange.-Record of
the week ending Saturday, Sept. 23 1922 follow:
transactions
at Philadelphia Stock Exchange Sept. 23 to
Sept. 29, both
inclusive
,
compiled
from
official
sales lists:
Receipts atFlour.
Wheat.
Barrels.
New York _ _ _
132.000
Philadelphia _
80,000
Baltimore_ _ _ _
29,000
Newport News
2,000
New Orleans.
84,000
Galveston ___
Montreal ____
95,000
Boston
24,000
Corn.
Oats.
Barley.
Bushels.
706.000
644,000
955,000
Bushels.
172,000
67,000
210,000
618,000
187.000
2,531,000
466,000
38,000
591,000
397,000
239,000
Rye.
Bushels.
Bushels. Bushels.
556,000
102,000
173,000
59,000
163,000
33,000
564,000
140,000
910,000
Total wk. '22
446,000 5,641,000 1,506,000 1,289,000
275.000 1,810,000
Since Jan.1'22 17,674,000 181,665,000 116,871,000 51,985,000 12,793,00030,876.000
Same wk. '21
640.000 9,300.000 3,363,000
580,000
339,000 1,169,000
.i.,,,. r.... 1.9118 4N7 orin196 its non 79
WAR 999 36 759 non is ns9 non iS MR non
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 23 1922, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
New York
384,243 155,340 350,098 402,183 96,639 16,560
Boston
10.000
Philadelphia
376.000
85.000 14,000
99,000 318,000
Baltimore
955,000 210,000 29,000
564,000 33,000
Newport News_
2,000
New Orleans
970,000 353,000 43,000
6,000
Galveston
240,000
43,000
Montreal
2,784,000 1,368,000 98,000 339,000 1083000 180,000
Total week 1922_ 5,719,243 2,214,340 536,093 846.183 2061639
Same week 1921_ _ _ 7.923.186 3.015.000 283.783 271.000 292.891 229,560
385.174
The destination of these exports for the week and since
July 1 1922 is as below:
Exports for Week
and Since
July 1 to-
Flour.
Week
Sept. 23
Wheat.
Since
July 1
Week
Sept. 23
Corn.
Since
July 1
Week
Sept. 23
Since
July 1
Barrels. Barrels.
Bushels.
Bushels.
United Kingdom_ 143,874 1,177,032 1,558,759 22,411,459 Bushels. Bushels.
1,113,150 10,767,289
Continent
180,192 1,086,383 4,159,484 57,573,861 1,062,290 18,528,837
So.& Cent. Amer. 92,822
130,822
6,000
29,000
West Indies
116,800
245,800
1,000
7,000
31,600
353,600
Other Countries
2,410
88,955
42,844
7,300
11,300
Total 1922
536,098 2,729,042 5.719,243 80,041.164 2,214,340 29,690,026
Total 1921
283.783 3.856.642 7.928.186 95.590.523 3.015_999 29 3R9 485
The world's shipment of wheat and corn, as furnished by
Broomba,11 to the New York Produce Exchange for the week
ending Friday, Sept. 22, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
Exports.
1922.
Week
Sept. 22.
North Amer.
Russia&Dan.
Argentina__ _
Australia __ _
India
0th. countr's
Total
Since
July 1.
Corn.
1921.
Since
July 1.
1922.
Week
Sept. 22.
1921.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
9,379,000 98,207,000 126,118,000 2,465,000 30,612,000 32,260,000
208,000 1,216,000 1,010,000
17,000 3,227,000 7,058,000
1,151,000 26,119,000 9,953,000 1,780,000 21,372,000 47,903.000
296,000 6,988,000 14,544,00
712,000
910,000 2,984,000 3,825,000
11,034,000 132,530,000 152.337.000 5,172.000 58,195,000 91,046.000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Sept. 23, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Sioux City
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth.
St. Joseph, Mo
Minneapolis
St. Louis
Kansas
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River....
GRAIN STOCKS.
Wheat,
Corn,
Oats,
Rye,
bush.
bush.
bush.
bush.
1,205,000
95,000 1,633,000
157,000
699,000
1,000
1,051,000
36,000
150,000
40,000
1,981,OCO
67,C00
336,000
234,000
4,000
2,537,000
637.000
18,000
33,000
2,855,000
79,000
2,812,000 1,808,000 3,442,000 1,952,000
99,000
181,000
282,000
LOCO
780,000
71,000
348,000
10,000
27,000
31,000
73,000
20,000
2,790,000 3,510,000 8,681,000
253,000
139,000
50,000
310,000
331,000
29,000
6,388,000
491,000
891,000 2,797,000
728,000
113,000
82,000
4,000
1,220.000
38,000 15,985,000
220,000
1,467,000
231,000
81,000
10,000
3,443,000 1,153,000
815,000
100,000
71,000
210,000
575,000
437,000
118,000
252,000
33,000
1,404,000
407,000 1,980,000
44,000
509,060
826,000
264,000
564,000
480,000
87,000
173,000
438,060
Barley,
bush •
126,000
31,000
6,000
538,000
4,000
2,000
140,000
140,000
549,000
3,000
342,000
6,000
150,000
Total Sept. 23 1022_ _ _ _32,334,000 10,559,000 37,095,000 7,019,000 2,037,000
Total Sept. 16 1922-.31,679,000 10,115,000 37,962,000 4,974,000 1,806,000
Total Sept. 24 1921._ 51,179,000 12,486,00065,081,000 5,426,000 4.003.000
Note.-Bonded grain not included above: Oats, New York. 3,000 bushels; Boston,
41,000: Baltimore, 3.000: Duluth, 2,000; total, 49,000 bushels, against 14,000 1
1921; bailey, New York, 37,000 bushels: Buffalo, 6,000; Duluth, 10,000; total
53,000 bushels, against 124,000 bushels in 1921: and wheat, New York, 81,000;
Baltimore, 348,000; Buffalo, 2,C04,000; Philadelphia, 218,000: on Lakes, 1,009,000;
total, 3,660,000 bushels in 1922. against 1,159,000 in 1921.
Canadian441,000 1,661,000
Montreal
81,000
3 432,000 1,119,000
Ft. William it Pt. Arthur-11,307,000
371,000
982,000
Other Canadian
228,000
97,000
473,000
•
Total Sept. 23 1922_ _15,212,000
Total Sept. 16 1922.. _ _ _10,816,000
Total Sept. 24 1921_ __ _15,791,000
SummaryAmerican
32,334,000
Canadian
15.212,000
1,119.060 1,020,000 1,661,000 1,160,000
1,045,000 1,003,000 1,176,000
543,000
399,000 2,017,000
429,000 7,276,000
10,559,000 37,095,000 7,619,000 2,037,000
1,119,060 1,020,000 .1,661.000 1,160,000
Total Sept. 23 1922..47,546,000 11,678,000 38,115,000 8,680,000 3,197.000
Total Sept. 16 1922...42,495,000 9,608,000 38,965,000 6,148,000 2,349,000
Total Sept. 24 1921_ _66,950,000 12,915,000 72,357.000 5,825,000 6,020,000
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
Am Gasof NJ
100
Am Railways
50 13
Preferred
100
Am Stores
• 152
Am Ship
Buff Susq Corp
100
Buff Susq pref
100
Cambira Iron
50 40
Chile Copper Co
Chesapeake & Ohio
Chicago & Alton
Cons Trac of N J
100
Chestnut Hill
Electric Stor Battery..100 52%
Erie RR
Erie Lighting pref
52%
Famous Players Corp'
Preferred
General Asphalt
100
General Motors
Gulf States Steel
InsCoof NA
10 414
Interbor Cons Corp_
100
lot Nickel
Kentucky Sec Corp_....100 31
Keystone Tel pref
50
Keystone Watch Case
Lake Superior Corp_ _ _ _ 100
7%
Lehigh Navigation
50 66%
Lit Bros
31
Lehigh Valley
50
Loew's Inc
Middle States Oil
Mine-Hill & S H
50
Northern Central
50
North Lib Gas
Otto Eisenlohr
Penn Salt Mfg
50 81%
Pan-American Pet & Tr__ _ ______
Pennsylvania R R
50
Penn Cent Lt & Pow__ _ _• 55%
Phila Co pref 5%
50
Phila. Co Pref cum 6%._50
Phils Insulated Wire
Phila Elec Pa
25 31%
Preferred
31%
Phila Germ & Nor
Phila Rapid Transit _ _ _ _50 33%
Pierce Arrow
Phila Traction
50
Railway Co General
Reading
50
Tono-Belmont Devel_ _1
Tonopah Mining
1
24
Union Traction 17% patc150 41%
United GAS Impt
50 50%
Preferred
United States Steel Corp100
Warwick Iron & Steel_ _10
Western Maryland
West Jersey Sea Shore__ 50 38
Wm Cramp & Sons_ _ _ _100
York Railways pref
50
25
26
70
72
13
134
58
59
152 1544
20
20
80
80
53
53
40
40
25% 26
72% 724
3
3
52
534
61% 61%
504 5334
15% 154
52% 52%
93% 93%
102 102
60
634
1454 14%
90% 90%
413
% 42%
1% 1%
17% 17%
31
31
35
35
55
55
74 8%
66
78
31
31%
67
69%
20% 20%
134 134
52% 52%
784 784
34
34
64
64
814 83%
78% 784
4734 48%
55% 55%
34% 344
3 454
44%
37
3734
31% 31%
3134 31%
122% 122%
3
33% 33%
124 124
69
68
3
3
76% 76%
1% 134
2% 234
4154 42
50% 53%
55
58
102% 1024
934 94
14
14
38
38
49
52
36
36
Range since Jan. 1.
Low.
High.
31 19
Jan 27
Sept
75 47
Jan 76
Sept
588
4
Jan
17 June
104 23
Jan 63 June
1,487 83
Jan 1554 Aug
10 194 Sept 22% Sept
5 47% Feb 55
Apr
100 4734 Feb 55
Apr
30 37% Apr 53
Sept
60 25% Sept 26
Sept
20 72% Sept 724 Sept
50
3 Sept
3
Sept
175 44
Jan 5634 Apr
28 6134 Sept 61% Sept
3,029 3734 Mar 53% Sept
50 154 Sept 15% Sept
25 3734 Mar 4934 Aug
600 93% Sept 9334 Sept
200 102
Sept 102
Sept
30 55% Jan 7334 July
100 1434 Sept 14% Sept
20 90% Sept 9054 Sept
685 30
Jan 42% Sept
200
134 Sept
134 Sept
300 17% Sept 17% Sept
90
64 Jan 31
Sept
50 274 Feb 39 June
10 51
July 7334 Jan
712
64 Jan
12% May
411 664 Feb 79% Aug
85 27
Apr 3134 Sept
420 57
Jan 70% Aug
500 204 Sept 20% Sept
20 134 Sept 13!‘ Sept
7 48
Feb 52 June
34 7334 Jan 79
Sept
38 34
Sept 34
Sept
5 63 May 65
May
54 69% Jan 8334 Se.pt
20 78% Sept 78% Sept
5,664 3354 Jan 4934 Sept
198 48% Jan 5534 May
125 32% Jan 44% Sept
80 36
Jan 45% Sept
83 30 May 604 Jan
2,405 23
Feb 324 Aug
1,379 274 Jan 32% Sept
30 122% Sept 122% Sept
1,831 17% Jan 354 June
20 124 Sept 1234 Sept
41 58
Jan 69
Sept
120
3 Sept
3
Sept
400 72
Jan 814 May
450
14 July
1% June
1070
14 Jan
2% Sept
1024 34
Jan 43
May
2,646 38
Jan 5534 Sept
281 38
Jan 56% Sept
60 102% Sept 1024 Sept
315
734 Feb
94 June
100 14
Sept 14
Sept
250 27% Jan 3934 Aug
95 40
Jan 75
July
45 31% Jan 3734 May
BondsAm Gas & Elec 5s_ _ _ _2007
Atlanta Refining 5s__ _1937
Bell Tel Co of Pa Ref 75'45
Bethlehem Steel 65..„1998
Elec & Poop T C 45._ _1945
Erie Gen 4s
Gen Refractories 65...1952
Lehigh Valley 4s
2003
Lehigh Gen 4%8
2003
Phila City 4s reg'd
Plata Co 5s stamped_ _1951
Phila Elec 1st 5s
1966
Phila. Elec 1st 5s reg
PHs Elec 6s
1941
Phlla Elec 1st 45
1966
Phila Elec 5345
1947
Reading Trae 6s
Heading Gen Mtge 45_1997
United Rys Inv 5s_ _ _ _1926
90
100
108
113
68
53
'53
99
85
93
93
100
100
93
92
100
100
100
100
106
106
8334
1024 1024
1004
85%
8834
108
113
90%
100
108
113
74
53
99
85%
93
100
93
101
100
1064
834
102%
10034
36
89%
4,100
10,000
4,000
1,000
9,940
5,000
2,000
16,000
1,000
5,000
18,000
28,200
2.000
21,000
5.000
49,000
3,000
3,000
4.000
81
100
108
113
64
4934
99
77
88%
100
85
93
100
1004
83%
102%
100
7534
71%
Jan
Sept
Sept
Sept
Jan
May
Sept
Jan
Mar
Sept
July
Jan
Sept
Jan
Sept
Sept
Aug
Sept
Mar
02%
100
1083,
113
74
53
99
853,
98%
100
931,
101
100
1063.
833 •
1033,
1003.
86
90
Aug
Sept
Sept
Sept
Sept
Seld
Sept
Sept
Jull,
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Pittsburgh Stock Exchange.-Record of transactio- Ls at
Pittsburgh Stock Exchange Sept. 23 to Sept. 29, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod, coin_25
Am Wind Glass Mach_100
Preferred
100
Am Wind Glass Co pf _ _100
Arkansas Nat Gas corn_ _10
Carnegie Lead & Zinc_ _ _ _5
Consolidated Ice, corn_ _50
Preferred
50
Exchange Nat Bank.._50
Indep Brewing. corn. _50
Preferred
50
Lone Star Gas
25
Mfrs Light & Heat.._.100
Nat Fireproofing, corn..50
Preferred
50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_25
Pittsburgh Brew, corn_ _50
Preferred
50
Pittsburgh Coal, corn_ _100
Preferred
100
Pittsb & Mt Shasta Cop 1
Pittsburgh Oil & Gas _100
Pittsburgh Plate Glass_ _10
Salt Creek Cons 011_ _ _ _10
Tidal Osage Oil
•
U S Glass
West'house Air Brake__50
W'house El & Mfg,com _50
West Penn Rys, prof. 100
West Penn Tr&WP com100
BondsIndep Brewing 6s_ _ _ 1955
Pittsburgh Brew 65_ _ _1949
• No par value.
9
81%
935
334
15%
23%
55
19%
55334
24
4
L8
175
11%
35
75
80%
Range since Jan. 1.
Low.
20
9
Feb 2434 Apr
8
9
80
81%
415 6434 Jan 90
May
92
20 84
Jan 93
92
Sept
105 105
Jan 107
10 97
Aug
1,345
94 10
834 Mar 12% Apr
550
5% 5%
234 Jan
6% Sept
67
34 3%
234 Apr
4
Apr
Jan 26
76 23
26
26
Sept.
75
Jan 75
6 69
75
Sept
4
1% Jan
5% 3,100
5!.; Sept
115
154 15%
17
Sept
64 Feb
430 20
Jan 31F ; June
264 28
376 45
55
Jan 58
b634
Aug
60
634 Jan
8
8
9
Apr
495 15
19% 194
Jan 21 , 1; Aug
125 134 Sept 23 June
16
16
917 4434 Jan 56 ;`,.1 Sept
r533.4 54%
Jan 264 Apr
234 24% 1,954 19
605
3% 4
Jan
4
Sept
260
5
Feb 10
9% 934
Sept
200 59
Sept 79
59
59
Sept
75 90% May 100
9734 100
Sept
38,00
190
29c
0
27c
Ma y 3me Apr
300
9
6
9
Feb
1134 June
68 130
173 175
Jan 180
Aug
114 124 4,502
Jan 1t34 May
1,157 11
Jan 14% Apr
13% 14
20 40
40
Jan AI
40
May
40 8054 Mar 10334 Sept
102 102%
10 49% Jan 09% Apr
63
63
804
100 69% Jan 82
74
Aug
35
145 18
Jan 36
35
Aug
75
75
$1,000
go% 80% 12,000
67
80
Jan
Sept
79
Sept
92% July
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
'Currency, Treasury Department:
D.
APPLICATIONS TO ORGANIZE RECEIVE
Capital.
$200,000
Ill
Sept. I9—The Broadway National Bank of Chicago,
Chicago.
St.,
LaSalle
S.
39
Correspondent, J. M. Appel,
250,000
N. J
Sept. 19—Jackson National Bank of Jersey City,
Correspondent, John Warren, 921 Bergen Ave., Jersey
City, N. J.
of the City of New York_ 200,000
Sept. 23—The Queensboro National Bank
Ave.,
Correspondent, J. Peter Netting, 8 W. Jackson
Corona, New York City. N. Y.
25,000
Head, Pa
Indian
of
Bank
National
First
Sept.23—The
PittsCorrespondent, H. A. Phillips, P. 0. Box 1139,
burgh, Pa.
APPLICATION TO CONVERT RECEIVED.
$25,000
of Alamo, Texas
Sept. 19—The First National Bank
Texas.
Conversion of the First State Bank of Alamo,
First
State
Cashier,
Breeding,
E.
Correspondent, F.
Bank, Alamo, Texas.
APPLICATION TO CONVERT APPROVED.
$200,000
of Charleston, So. Caro
Sept. 19—The Dime National Bank &
Trust Co. of Charleston,
Conversion of Dime Bank
So. Caro.
Correspondent, J. L. David, care of Dime Bank & Trust
Co., Charleston, So. Caro.
CHARTERS ISSUED.
Bank of Kenbridge, Va---- $45,800
Sept. 19-12251—The First National
Conversion of the State Bank of Kenbridge. Va.
Cashier, R. J. Barlow.
Manson.
S.
W.
,
President
Bank of New
Sept. 21-12252—The Rockaway Beach National
200,000
York, N Y
Bender.
George
Cashier,
Jamieson:
John
President,
VOLUNTARY LIQUIDATIONS.
Luis Obispo,Cal _ 3100,000
Sept. 19-7877—The Union National Bank of San
Effective Sept. 6 1922. Liquidating agent E. C. Aidwell, Asst. Sec., Bank of Italy, San Francisco, Calif.
Absorbed by the Bank of Italy, San Francisco, Calif.
Sept. 19-11178—The Lincoln National Bank of Minneapolis,
$500,000
Minn
Effective Sept. 5 1922. Liquidating committee, H. E.
Pence, Archie D. Walker, E. C. Kischel, Minneapolis.
Absorbed by the Northwestern National Bank of Minneapolis, Minn.
Sept.20-8666—The National State& City Bank of Richmond,Va_ 1,000,000
Effective Aug. 17 1922. Liquidating committee, board
of directors, National State & City Bank of Richmond, Va.
Absorbed by the State & City Bank & Trust Co. of
Richmond, Va.
•
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Shares. Stocks.
50
50 Excelsior Brewing Co., com___
5
corn
Co.,
Brewing
Munch
Ferd.
210
50 United Wine & Trading Co., 5
common
18
70 Eastern Steel Co.. corn
$4 lot
5 Dentoza Chemical Co
Transp.
&
Lighterage
Interstate
18
$60 lot
Co. non-voting pref
_$2 lot
200 Vacuum Gas & 011 Co., Ltd_
Wood
Waste
Virginia
50 West
$2 lot
pref
Chemical Co.,
{Vol.. 115.
THE CHRONICLE
1504
Per cent.
Bonds.
$9,700 Deep Sea Fisheries, Inc., 1st
Mtge. 8s
25
$400 Denver & Salt Lake RR. Co.
1st Mtge. gold bonds
$35 lot
4, 8500 bonds Iron Steamboat Co.
51
2d Lien
$9,200 Copley Cement Mfg. 1st M.
6s: 384 shares Copley Cement
Mfg. Co. pref., $100 each; 868
shares Copley Cement Mfg. Co.
$40.200 lot
common, 100 each
$1,000 Guayaquil & Quito Ry. Co.
certificate for interest in 6% bonds
$55 lot
reduced to 5%
Messrs. R. L. Day & Co., Boston:
By
Price.
Price. Shares. Stocks.
Pares. Stocks.
3 Viney'd Hay. San., Vin. Hay__ 1
31751
2 First National Bank Bank_ _ _ _285
20 Savannah River Lumber, pref.
National
10 Merchants
100-9
voting trust ctf
89
22 Metropolitan Trust Co
198
15 Cambridge Gas Light
Haverhill 160
5 Merrimack Nat.Bk.,
&
NE
1
pref
Sec.,
6051
Invest.
834
pref
Mfg.,
15 Merrimackleachery
6c
&DyeWk5_139q 100 Pacific Coal & M.of Mo
5 WalthamB
3
1 Oriental Coffee House Co
1024
pref
Mills,
20 Winnsboro
L
94
W
3
Douglas
prof
Shoe,
8831
13 American Mfg., pref
1 Converse Shoe, prof
924
834
20 American Mfg., pref
2 Falmouth Local Publishing &
165
5 Pepperell Mfg
1
Printing
1584
2 Mass. Cotton Mills
125 Central Coal & Min.Co.of Mo. 2c
154
4 Lockwood
764
4 Somerset Hotel Trust
1514
Associates
3 Ludlow Mfg.
I
2 Boston Opera
1034
5 Saco Lowell Shops, pref 1055110534 20 Rockport Granite
204
20 Arlington Mills
2 Merrimack Chemical
914
13151
2 Lancaster Mills
10
824 29 13ay State Fishing, 2d pref
Manufacturing
30 Hamilton Manufactu
104
1854 10 Norton Co., 1st prof
ring
10 Coltunbus
15
Falls
Beacon
235
R.
Shoe
1304
3 Nashua & Lowell RR RR.pref-1N .3.1
1024
3Co11ateral Loan Co
6 Norwich & Worcester
cent
Bonds—
r
e
P
R
1 Boston & Prov.R
Sh. RR_ _ _ _ 12c $8,200 La Porte Oil & Refining
95 Chi. de Mich. Lake
Corp. lot col. tr. 7s, Oct. I 1924_250
1 10-100
RR
Vermont
2 Central
$20.000 Wyoming Constr.& Devel.
103
13 Collateral Loan Holding, pref_ 464
100 lot
Co. 2d 6s, 1923
5 Boston Railroad
$300 GuanajuatoReduction&Mines
75-7531
25 American Glue
1st mtge. 65, July 1 1924
35%
110
4 Salem Gas Light
_1804-1804 887.50 Graton & Knight Mfg. pref.
scrip
434 Edleon El. Ill., Boston.
div.
80%
5
1 Merrimack Hat Corp pref.__ 24
$376.25 Northwestern Leather Co.
5 Merrimack Hat Corp.,
$1 lot
pref. dlv. scrip
50
III
102 West Coal & Min.,
New York City Banks and Trust Companies.
All prices dollars per share.
Banks—N.Y. Bid
America •__ 210
Amer Exch__ 285
Battery Park_ 135
430
Bowery*
Broadway Cen
Bronx Boro*Bronx Nat__ 160
Bryant Park• 153
Butch & Drov 130
Cent Mercan- 210
345
Chase
Chat & Phen_ 260
Chelsea Ezell* 100
Chemical_ _ 507
Coal & Iron.... 200
325
Colonial 5_
Columbia*___ 220
Commerce_ .._ 282
Com'nwealth* 220
Continental._ 130
Corn Exch.. 418
Cosmoplan 5_ 70
East River.._ 170
Fifth Avenue'1010
165
Fifth
1190
First
240
Garfield
180
clotham
Greenwich 5.,_ 265
2'
Hanover.
Bid
Ask
Banks
215 Harriman _ 375
295 Imp & Trad__ 585
142 Industrial. __ 150
450 Irving Nat of
204
NY
145
Manhattan 5- 257
lid - Mech & Met_ 399
590
165 Mutual*
138 Nat American
National City 340 350 New Neth 5._ 125
300
266 Pacific,•
443
110 Park
320
515 Public
210 Seaboard_ _ 310
Standard'.... 230
305
230 State
285 Tradesmen's • 200
235 23d Ward+ _ _ 260
140 United States* 160
425 Wash'n Frts• 325
420
85 Yorkville•
Brooklyn
Coney Island*
First
250 Mechanics'
185 Montauk •__
Nassau.
_ _ipeonle'a
155
320
110
125
225
1110
Ask
Trust Co.'s Bid
New York
American- - _ _
155 Bank of N.Y.
& Trust Co_ 453 458
208 Bankers Trust 362 367
263 Central Union 415 420
335 330
404 Columbia _ _
130
- Commercial__ 110
218 303
150 Empire
345 Equitable Tr_ 287 293
Farm L & Tr_ 495 505
Fidelity Inter. 206 212
245 255
450 Fulton
Guaranty Tr - 227 233
170
Hudson
260 Law Tit de Tr 187 193
310 Metropolitan_ 300 310
Mutual (West
cheater) _ _ _ 115 130
165 N Y Trust___ 351 356
Title Ou & Tr 415 425
U S Mtg & Tr 305 315
United States 1140 1170
Ask
385
165
355
240
Brooklyn
Brooklyn Tr_
Kings County
Manufacturer
_
Peonte's
450
750
240
:450
370 -
z Ex-dividend. y Ex-rights.
•Banks!narked with(5)are State banks. I New stock.
New York City Realty and Surety Companies.
All prices dollars per share.
Alliance R'lty
Amer Surety.
Bond& M G.
City Investing
Preferred __
Ask
Bid
90
85
82
78
256 262
62
59
88 • 91
Lawyers Mtge
rkf tge Bond..
Nat Surety__
N Y Title &
Mortgage__
Bid
176
120
233
Ask
282
130
238
168
178
Realty Assoc
(Brooklyn)_
U S CasualtyU S Title Guar
West Chester
Title& M 0
Bid
155
170
105
Ask
160
DIVIDENDS.
the
Dividends are grouped in two separate tables. in curfirst we bring together all the dividends announced the
rent week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
inen
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Sept. 25 Holders of roe. Sept. la
1
Ashland Coal dr Iron Ry.(guar.)
$1.50 Oct. 30 Holders of rec. Oct. 7
Delaware Lackawanna & West (quer.)
Oct. 3 Holders of rec. Sept. 20a
14
El Paso & Southwestern Co.(quar.)_
Oct. 15 Oct. 1 to Oct. 1 4
Georgia Railroad & Banking (quar.)- -. 3
Oct. 1 Holders of rec. Sept.20
2
Meads,. Conneaut Lake & Lineovliie_
2 Sept. 16 to Oct. 1
Oct.
23‘
New London Northern (guar.)
.1
Nov. 18 +Holders of rec. Oct. 31
Norfolk & Western, ad). pref. (quar.) _
Holders of rec. Feb. 21
28
Feb.
151
_
_
_
(quer.)
of.
pi
Virginia,
West
Pittsb &
Street and Electric Railways.
14 Oct. 2
Athens Ry.& Electric, pref. (quer.)_ _ _
151 Sept.30
Chicago City Ry.(guar.)
Cin. Newp.& Coy. L.& Tr., corn.(qu.)- 14 Oct. 14
Oct. 14
134
Preferred (quar.)
31 Sept. 30
City Ry.(Dayton, 0.), corn. (quar.)__ _
151 Sept.30
Preferred (guar.)
1
Columbia (S. C.) Ry.. G.& E.. pr. (qu.) 14 Oct. 1
Nov.
Columbus Ry.,Pow. de Lt., Prof. B (qu.) 151 Sept.
30
Conestoga Traction. commoa (quar.)
1% Sept. 30
Preferred (quar.)
151 Oct. 2
Georgia Lt., Pow. & Rys., prof. (qu.)
131 Oct. 1
(qu.)_
A
pf.
1st
Lt.,
de
Pow.
Kansas City
,3 Oct. 1
1st pref. A (diva. from Aug. 11922)-S 1.16
97e. Sept.30
Lancaster Co. Ry.& Lt., corn. (no par).
Sept. 30
131
Preferred (guar.)
14 Sept. 30
Manhattan Bridge 3-Cent Line (quer.). _
2
Newp.News&Hamp.Ry.,G.deE.,pf.(qu.) 134 Oct.
t t. 14
14 ,
_
Ottumwa Ry. & light, pref. (gear.)
Oct. 16
Puget Sound Pow. dr L., corn. (quar.)-- $1
151 Oct. 16
Preferred (quar.)
14 Oct. 16
Prior preferred (quar.)
14 Sept. 30
Springfield & Xenia Ry., pref. (quer.)
Oct. 1
Wash. Bait. & Ann. El. RR., corn.(qu.) 1
151 Oct. 1
Preferred (quar.)
50c Oct. 16
York Rys., common (quar.)
624c Oct. 31
Preferred (quar.)
134 Sept.30
Youngstown & Ohio River, pref.(quar.)_
Banks.
Butchers' de Drovers' National (quar.)-First National (Brooklyn) (quar.)
Washington Heights, Bank of (quar.)_ _ _
Holders of rec. Sept. 150
Sept.29
Sept.28 to
Oct. 1 to Oct. 15
Oct. 1 to Oct. 15
Sept. 16 to Sept. 30
Sept. 16 to Sept. 30
Sept 24 to Oct. 1
Holders of rec. Oct. 14
Sept.21 to Oct. 1
Sept. 21 to Oct. 1
Holders of rec. Sept. 23a
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 28a
Holders of rec. Sept. 28a
Hollers of rec. Sept. 23a
Holders of rec. Sept. 20a
Ho lens of rec. Sept. 30
Holders of rec. Sept. 27a
Holders of rec. Sept. 27a
Holders of rec. Sept. 270
Holders of rec. Sept. 160
Holders of rec. Sept. 23a
Holders of rec. Sept. 23a
Holders of rec. Oct. 53
Holders of rec. Oct. 21a
Holders of rec. Sept. 16a
Oct. 1 Holders of rec. Sept. 29a
3
Oct. 2 Holders of rec. Sept. 22a
151 Sept.30 Holders of rec. Sept. 30
Trust Companies.
Corporation (quar.)
& Trust (quar.)
Mortgage
S.
U.
30
234 Sept.30 Holders of rec. Sept. 29
Oct. 2'Holders of rec. Sept.
54
Fire Insurance.
Hanover Fire (quar.)
*24 Oct. 2 *Holders of rec. Sept. 23
•
& Arnold, Boston:
By Messrs. Wise, Hobbs
Miscellaneous.
Oct. 20 Holders of rec. Oct. 10
Price. Abitibi Power & Paper, Ltd., corn. (qu.) $1
Price. Shares. Stocks.
14 Oct. 1 Sept. 21 to Sept. 30
Shares. Stocks.
10 Graton & Knight Mfg., pref__ _ 6551 Alabama Fuel & Iron (quar.)
135
Oct. 18 Holders of rec. Oct. 10a
2
5 Greenfield T.& D.Corp.. pref_ 924 Alliance Realty (quar.)
2 Wamsutta Mills
16H-164
Nov. 1 Iloiders of rec. Oct. 16
SI
212
2 Fall River Gas Works
40 Hill Mfg. Co. rights
1244
Allied Chem.& Dye Corp., corn.(qu.)
Nov. 15 Holders of rec. Nov. la
Si
•
6 American Mfg
1034 Amer. Bank Note, corn.(quar.)
6 Lawrence Mfg
Cotton _____ 238
15 Holders of rec. Oct. 5a
Oct.
434
&
preferred
1st
Schmitz
Hoe,
$25
Guild,
&
Inc
475
Fork
12 Naumkeag Steam
Amer.
904
Oct. I to Oct. 9
1 Great Northern Paper
40051 Amer. Fuel 011 Transp., Prof. (in scrip)_
2 Warwick Mills
984
pref.
RR.,
14 Oct. 25 Holders of rec. Oct. 6
5 Norwich & Worcester
8 U. S. Envelope, pref
11151 American Ice, corn.(quar.)
58
Holders of rec. Oct. 6
25
Oct.
pref
14
Car.
(guar.)
Laconia
Heywood
10551
2
Wakefield, pref
3
Preferred
pref_____ 94
134 Oct. 2 Sept. 22 to Oct. 2
15
3 W. L. Douglas Shoe,
Amer. Multigraph, prof. (quar.)
10c 250 Reed-Prentice
14 Oct. 1 Sept. 28 to Oct. 1
Plano, corn. .(quar.)
8 A. L. Sayies & Sons
American
134 Oct. 1 Sept. 28 to Oct. 1
Lofland. Philadelphia:
Preferred (quar.)
50c. Oct. 15 Holders of rec. Sept. 30a
By Messrs. Barnes &
Price. Amer. Rolling Mill, corn.(quar.)
Shares. Stocks.
14 Oct. 1 Holders of rec. Sept. 15a
22
15 Peoples National Fire Ins
(quar.)
Shares. Stocks.
pref.
Power,
de
160
Light
$901 lot ArkansasCorporation, corn. (quar.)
8740. Oct. 2 Holders of rec. Sept. 28a
12 Philadelphia Rifle Club
7 West End Trust Co
Bank_ _256
Arundel
Nov. 1 *Holders of rec. Oct. 14
50 Camden Fire Insurance Assn_ 1151 Associated Dry Goods. corn. (quar.)_ _ *1
4 Market Street National
on
Insur.
'151 Dec. 1 *Holders of rec. Nov. 11
30 Pathe Freres Phono., pref_ __ _$15 lot
2 Pennsvulvania Co forAnnuities-556
First preferred (guar.)
1 *Holders of rec. Nov. 11
Dec.
514
ia
Lives & Granting
Acad.
2851
1 Pennsylvan
Fine Arts_
566
Second preferred (quar.)
9451 Atlantic Refining, preferred (quar.)_ _ +14 Nov. 1 *Holders of rec. Oct. 16
10 General Asphalt, pref
10 Central National BankBank_ _ _150
National
5
'Holders of rec. Sept.30
()et.
&
n
51
Broad
Top
Huntingdo
/kItn.
(quar.)..
100
preferred
25 Quaker City
Terra Cotta.
National Bank_415
14 Nov. 1 Holders of rec. Oct. 20a
74 A tient!
RR. & Coal, common__
13 Corn Exchange
Bank _ _ _405
Atlas Powder, pref.(guar.)
29 'Holders of rec. Sept.28
Sept.
550c.
510 Automatic Lighting 7% pref 60
11 Philadelphia National
(monthly)
20051
Beacon 011
Sent. 30 *,Tolders of rec. Sept. 29
889 Portland Ry., Lt.& Pow.,com. 134 Bell Telen'tone of Pennsylvania (quar.)_ *2
20 Franklin Trust Co Corp
109
555c. Oct. 2 *Holders of rec. Sept. 23a
4 Philadelphia Bourse, common_ 10
5 Franklin Securities
131
Bliss (E. W.) Co., corn. (quar.)
Oct. 2 *Holders of rec. Sept. 23a
Trust
581
145
Cheiten
6 Liberty Title & Trust
2
Trust 304
First preferred (quar.)
50
515c. Oct. 2 'Holders of rec. Sept. 23a
3 Women's Trust
10 rightstosubscribe Chelten Trw3t 30
Second preferred, Cl. B (quar.)
Sept.29 •lite ieri of rec. Sept. 28
104
52
3 Victory Insurance
17 rights tosubseribe Cheiten
1.p,, Gm (guar.)
517
Consoli
Boston
Nct.. 2
54 O
1 Holders of rec. Sept. la
Per cent. Brandram-Henderson, Ltd., pref. (qu.). 14
Bonds—
5 Fidelity Trust
41
)4 Oct. 1 Sept. 21 to Sept. 30
$5,000 Toledo & Western Ry. 5s,
20 Phoenix Trust
(quar.)
654
pref.
Mills,
Brighton
1936
1
26
July
due
Holders of rec. Oct. 14
10 Broad Street Trust
B
pref.
(quer.)
Steel,
7051
British Empire
5 Peoples Trust
$1,000 Sandusky Fremont & SouthCanadian Consol. Rubber, pref. (quar.). 154 Sept. 30 Holders of rec. Sent. 25.
Doyles60
ern Hy.5s, 1936
4 Bucks County Trust,
11531
town, Pa
•
SEPT. 301922.]
THE CHRONICLE
Per
When
Cent. Payable.
1505
Per
When
Books Closed,
Name of CompantI•
Name of Company.
Cent. Payable,
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded)
Canadian Westinghouse (quar.)
2
Oct. 2 Holders of rec. Sept. 26a Yellow Taxi Corp., pref. (guar.)
*13i Oct. 15 *Holders
131
Holders of rec. Sept. 15
Central Coal & Coke, pref.(quar.)
of rec. Sept.30
Young (J. S.) Co., cmomon (guar.)
Oct. 2 Holders of rec. Sept. 22a
Cer rral Power. preferred (guar.)
*14 ..iet 1 *,
(o,ders of rec. Sent. 30
Preferred (guar.)
131 Oct. 2 Holders of rec. Sept. 22a
Chicago Pneumatic Tool (guar.)
1
Oct. 25 Holders of rec. Oct. 14
Citliens Gas & F., Terre H., corn.(go.)_
2
Sept.29 Holders of rec. Sept. ha
Below we give the dividends announced in previous weeks
Preferred (guar.)
y, Oct. 1 Holders of
rec. Sept. 28a
and not yet paid. This list does not include dividen
Ci 1 is Gas , Edit of Ovincy (guar.) _ _ _ _ *2
Sept. 20 *tioiders of rec. Sent. 28
ds
Cleveland Automatic Mach., pref. (qu.) 131 Oct. 2 Holders of rec. Sept. 20a announc
ed this week.
Cleveland Automobile, Pref. (quar.)
2
Oct. 1 Holders of rec. Sept. 20a
Cleveland Union Stock Yards (quar.)_ _ _
2
Oct. 2 Sept. 21 to Oct. 1
Consum. El. Lt. & Pow., N.0., corn_ _ _
1
Sept.29 Sept. 10 to Oct. 1
Per
When
Books Closed.
Con'mental Motor, preferred (quar.)_
Oct. 15 Oct. 8 to Oct. 15
Name of Company.
Cent. Payable.
Days Inclusive.
Cresson Cons. Gold M.& M.(guar.) _ _ _
Oct. 10 Holders of rec. Sept. 30a
Del. Lack. & West. Coal (guar.)
Oct. 16 Holders of rec. Sept. 30a
Railroads (Steam).
Detroit Motor Bus (guar.)
Oct. 15 *Holders of rec. Sept.30
Atchison Topeka & Santa Fe, corn. (qu.) 131 Dec. 1 Holders of
rec. Oct. 27a
Extra
Oct. 15 *Holders of rec. Sept. 30
Beech Creek (quar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Dixon (Joseph) Crucible (guar.)
Sept. 30 Sept. 26 to Oct.
Boston & Albany ((Mar.)
2
Sept.30 Holders of rec. Aug. 31a
Dome Mines, Ltd. (guar.)
Oct. 26 Holders of rec. Oct. 6a
Buffalo & Susquehanna, corn. (guar.) _ _ _
154
Sept.30 Sept. 16
to Oct. 1
Dominion Coal, pref. (guar.)
Nov. 1 Holders of rec. Oct. 12
Canadian Pacific, common (quar.)
Sept.30 Holders of rec. Sept. la
Dominion Steel, pref. (guar.)
Nov. 1 Oct. 15 to
Preferred
Nov. 1
2
Sept.30 Holders of rec. Sept. 1
Domlnion Telegraph (guar.)
Oct. 16 Oct. 1 to Oct. 7
Cleve., Cin., Chic. & St. L., corn
2
Nov. 1 Holders of rec. Sept.29a
East Bay Water, cum. pt. el. A.(guar.)_
Oct. 16 Holders of rec. Sept. 30
Preferred (quar.)
Oct. 20 Holders of rec. Sept.29a
Non-cum. pref. class B (guar.)
Oct. 16 Holders of rec. Sept.30
Cuba RR., preferred
Feb15'23 Holders of rec. July 20a
3
Edi *on Elec. Co., Lancaster, Pa. (guar.)
Sept.30 Sept. 21 to Oct. 1
Joliet & Chicago (guar.)
14 Oct. 2 Holders of rec. Sept.23a
Edison Elec. Ilium.. Boston (guar.)
Nov. 1 *Fielders of rec. Oct. 16
Kansas City Southern. pref. (guar.)
1
Oct. 16 Holders of rec. Sept. 30a
Elgin National Watch (guar.)
Nov. 1 *Holders of rec. Oct. 20
Lackawanna RR. of N. J. (guar.)
1
Oct. 2 Holders of rec. Sept. 8a
Falcon Steel, corn. (guar.)
Oct. 1
Lehigh
lit. 21 to
Oct. 1
Valley, common (guar.)
8754 c Oct. 3 Holders of rec. Sept. 16a
Preferred (quar.)
Oct. 1 Sept. 21 to
Preferred (quar.)
Oct. I
$1.25 Oct. 3 Holders of rec. Sept. 160
Federal Motor Truck (guar.)
Oct. 1 Sept. 25 to Oct. 1
Louisiana & North West (No. 1)
134 Oct. 1 Holders of rec. Sept. 15
Firestone Tire & Rub.6% pref.(guar.)- Oct. 15 Holdets of rec. Oct. la Minneapolis St. Paul & S. Ste.
Marie—
Fiske &. Co., Inc., pref. (quar.)
Oct. 1 Holders of rec. Sept. 25a
Leased lines
2
Oct. 1 Holders of rec. Sept. 20
iii T I (guar.)
Newark & Bloomfield
Oct. 2 Holders of rec. Sept. 22a
3
Foals Milling, pref. (quar.)
Oct. 10 Holders of rec. Oct. la
New York Central RR. (guar.)
1;.1 Nov. 1 Holders of rec. Sept.29a
General Aluminum & Brass, pref. (qu.)_
Oct. 1 Holders of rec. Sept. 20a
New York Chicago & St. Louis—
General Motors, preferred (quar.)
Nov. 1 H titters of rec. Oct. 9
Common
Sept. 30 Holders of rec. Sept. 19a
Six per cent debenture stock (guar.) _ _
Nov. I Holders of rec. Oct. 9
Common
Dec. 30 Holders of rec. Dec. 19a
Seven per cent debenture stock (guar.)
Nov. 1 Holders of rec. Oct. 91
First preferred (guar.)
Sept. 30 Homers of rec. Sept. liSa
Glone-Werr teke, pref. (guar.)
Oct. 15 Holders of rec. Sept. 30
First preferred (guar.)
Dec. 30 Holders of rec. Dec. 19a
Godchaux Sugars, Inc., 1st pref. (qu.) _ _
Oct. 1 Sept. 19 to Oct. 1
Second preferred (guar.)
Sept.30 Holders of rec. Sept. 19a
Goodwin's, Ltd., pref. (guar.)
Oct. 2 Holders of rec. Sept.20
Second preferred (guar.)
Dec. 30 Holders of rec. Dec. 19n
Gray & Dudley Co. (guar.)
Oct. 1 Holders of rec. Sept. 25a
N. Y. Lackawanna & Western (quar.)-..
Oct. 2 Holders of rec. Sept. 14a
Great Lakes Transit, corn
Oct. 2 Holders of rec. Sept. 28a
Northern Pacific (guar.)
Nov. 1 Holders of rec. Oct. 2a
Preferred (guar.)
Oct. 2 Holders of rec. Sept. 28a Northern RR.of New Hampshire (guar.)
Oct. 2 Holders of rec. Sept. 11
Hall (C. M.) Lamp
Oct. 25 *Holders of rec. Oct. 21
Old Colons,(guar.)
Oct. 2 Ilolders of rec. Sept. 16
Hibernia Securities, pref. (guar.)
Oct. 2 Holders of rec. Sept. 25a
Philadelphia & Trenton (quar.)
Oct. 10 Oct. 1 to
Hillcrest Collieries, corn. (guar.)
Oct. 11
Oct. 15 Holders of rec. Sept. 30
Pittsburgh Bessemer & Lake Erie, pref.._
Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
Oct. 15 Holders of rec. Sept. 30
Pittsb. Ft. Wayne & Chic., corn.(quar.)
Oct. 1 Holders of rec. Sept. 9a
Hill Mfg. (guar.)
Oct. 2 Holders of rec. Sept. 26a
Preferred
(guar.)
Oct. 3 Holders of rec. Sept. 9a
Holmes(D. H.) Co.(quar.)
Oct. 2 Holders of rec. Sept. 27a Pittsb. de West Virginia, pref. (quar.)_ _
Nov.29 Holders of rec. Nov. la
Houston Gas & Fuel, common (guar.) _ _
Sept. 30 Holders of rec. Sept. 15a Providence & Worcester (guar.)
Sept.30 fielders of rec. Sept. 13
Preferred (guar.)
Sept.30 Folders of rec. Sept. 15a
Reading
Co.,
common
(quar.)
Nov. 9 Holders of rec. Oct. 17a
Hurley Machine, corn. (guar.)
Oct. 7 Holders of rec. Sept. 281 Reading Co., 2d pref. (guar.)
Oct. 12 Holders of rec. Sept. 26a
Preferred (guar.)
Oct. 2 Holders of rec. Sept. 28
Southern Pacific Co. (guar.)
Oct. 2 Holders of rec. Aug. 31a
Illinois No them Utilities, prof.(guar.)_ _
Nov. 1 *Holders of rec. Oct. 14
Southern fly., M.& 0.stock trust ctfs_ _
Oct. 1 Holders of rec. Sept. 15a
Independent Crewing, Pittsb., common_ *4
Oct. 18 *Holders of rec. Oct. 5
Union Pacific, common (guar.)
Oct. 2 Holders of rec. Sept. la
Preferred
*8
Oct. 18 *Holders of rec. Oct. 5
Preferred
Oct. 2 Holders of rec. Sept. la
International Paper, pref. (quar.)
131 Oct. 16 Holders of rec. Oct. 6a United 1,
1 J RR.& Canal Cos.(guar.)- Oct.
10 Sept. 21 to Sept. 30
Interstate Pub. Serv, pr. lien stk.(qu.) _ _
131 Oct. 15 Holders of rec. Sept. 30
Vermont & Massachusetts
Oct. 7 Sept. 14 to
Oct. 6
Johnston (R. F.) Paint,7% pref. (qu.)_ _ •134 Oct.
Warren
Oct. 16 Holders of rec. Oct. 4a
8% pref. (quar.)
*2
Oct.
Western Pacific RR.Corp., pref.(guar.)
Holders
Oct.
20
of
Laneast
rec.
Oct.
10a
ight & Fuel (quar.) _ _ _ _
3
Sept. 30 Sent. 21 to Oct. 1
Laurentide Power (guar.)
131 Oct. 16 Holders of rec. Sept.30
Street and Electric Railways.
Louisville Gas & El. of Ky., pref. (qu.)_ _
Oct. 14 Holders of rec. Oct. 1
Asheville l'ower & Light, pref. (guar.). 1Y, Oct. 2 Holders of rec. Sept. IS
Macy (R. H.) & Co., Inc., pref. (guar.) _
131 Nov. 1 Holders of
Bangor fly. & Electric, pref. (quar.)_ _ _ _
Oct. 14
134 Oct. 1 Holders of rec. Sept. 9
Magnolia Petroleum (guar.)
*1 h Oct. 5 *Holders of rec.
Boston Elevated fly., corn. (guar.)
rec. Sept. 23
134 Oct. 2 Holders of rec. Sept. 16
Manchester Cotton Mills (guar.)
3
Oct. 1 Holders of rec. Sept. 14
Second preferred
331 Oct. 2 Holders of rec. Sept. 16
Mason Tire & Rubber, pref. (guar.)_ _ _ _
13,1 Oct. 25 Holders of rec.
Brazilian
Sept.
30
Tr.
L.
&
Pow., pref.(quar.)_ _ 131 Oct. 2 Holders of rec. Sept. 15
Merchants Dispatch Transp. (guar.)- *23,6 Sept.30 *Holders of rec. Sept.
Capital Traction, Wash., D. C. (quar.)
131 Oct. 1 Holders of rec. Sept. 14
5 ))c \ov. 15 *Holders of rec. Nov. 27
M late! (riper (.1uar.)
Carolina Power & Light, pref. (guar.)._
1
131 Oct. 2 Holders of rec. Sept. 18
Midway Gas, corn. (guar.)
50c. Oct. 14 Holders of
Cin & Horn. Trac., corn. (quar.)
Sept. 30
rec.
Oct. 1 Sept. 21 to
Oct. 1
Preferred (guar.)
$1 40 Oct. 14 Holders of rec. Sept.30
Preferred (quar.)
151 Oct. 1 Sept. 21 to
Oct. 1
Midwest Oil, corn. & pref. (guar.)
4c. Oct. 16 Holders of rec. Oct. 2
Cincinnati Street Ry.(quar.)
134 Oct. 1 Sept. 17 to Oct. 1
Mohawk Mining (guar.)
$1
Nov. 15 Holders of rec. Oct. 14
Citizens' Pass. fly., Phila.(quar.)
$3.50
Holders
of
rec.
Sept.
1
Oct.
20a
New England Coal & Coke (guar.)
Sept.29 *Holders of rec. Sept.28
Cleveland fly. (guar.)
134 Oct. 2 Holders of rec. Sept. 13a
New England Fuel & Transp. (guar.) _ _ _ *1
Sept.29 *Holders of rec. Sept.28
Columbus Elec. & Pow., corn. (No.
2
Oct. 2 Holders of rec.Sept. 25a
1)*2
New Jersey Zinc (guar.)
Nov. 10 *Holders of rec. Oct. 26
First pref., series A (No. 1)
Oct. 2 Holders of rec. Sept. 25a
Nipissing Mines (guar.)
3
Oct. 20 Oct. 1
Second pref.(No. 2)
to Oct. 18
134 Oct. 2 Holders of rec. Sept.25a
Extra
3
Oct. 20 Oct. 1
Columbus fly. Pow.& C., pref. A
to Oct. 18
(guar.)
13-4 Oct. 2 Holders of rec. Sept. 15a
Osborn Mills (guar.)
Oct. 2 Holders of rec. Sept. 20a
Duluth-SuperlorTrac.. pref.(quar.)_ _ _ m2
Oct. 2 Holders of rec. Sept. 15a
4
Overseas Securl 1-s Corp., common_ _ _ _
)et. 16 Holders of re-.. Oct. 2
Duquesne Light. pref. (guar.)
1
134 Nov. 1 Holders of rec. Oct
Pathe Exchange, Bret
*8
Sept.30 *Holders of rec. Sept.20
Eastern Texas Elec. Co., com.(quar.)_
Oct. 2 Holders of rec. Sept. 15a
_
Pennsylvania Rubber, corn. (guar.)- - - 131 Sept.30 Holders of rec. Sept. 15a
Elmira Water Light & RR. 1st of.
(qu.)131 Sept. 30 Holders of rec. Sept. 21a
14 Sept.30 Holders of rec. Sept. 156
Preferred (guar.)
Second preferred (guar.)
154 Sept.30 Holders of rec. Sept.21a
*5
& ( anirlen Ferry (quar.)
, )..t. 10 *Holders of rec. Sept. 29
Frankford & Southwark Pass.
fly,(q11.) $4.50 Oct. 1 Sept. 2 to Sept.30
*131 Nov. 1 *Holders of rec.
Phillips-Jones Corp., pref. (quar.)
Illinois Traction, Prof. (guar.)
Oct. 20
Pilgrim Slits, cont. & pref. (quar.)
131 Oct. 1 Holders of rec. Sept. 15a
131 Sept.30 Hol-lers of rec. Sept. 27a
Kentucky Securities, corn.(No.
1
Oct. 1 Sept. 21 to Oct. 12
1)
Pittsburgh Coal, pref. (quar.)
131 Oct. 25 Holders of rec. Oct. 6
Preferred (quar.)
Oct. 15 Sept. 21 to Oct. 12
Pittsburgh Steel, corn. (guar.)
1
Oct. 1 Holders of rec. Sept. 256
Manches'er Tr.*... light & Pow.(quar.)
Oct.I 16 Holders of rec. ()et. 2
Pittsburgh Term. Whse. & Transf. (qu.) *81
Oct. 7 *Holders of rec. Sept. 30
Manila Electric Corp.(guar.)
Oct.
2 Holders of rec. Sept. 19a
Port Arthur Shipbuilding, pref. (quar.) _
131 Oct. 1 Holders of rec. Sept. 15a
market St fly., San Fran., pr. pf.
Oct. 1 Holders of rec. Sept. 1 la
Postum Cereal, common (guar.)
(qu.)
*S1.25 Nov. 1 *Holders of rec. Oct. 20
Monongahe
la
Power
&
pref. (guar.)
2
Preferred (guar.)
Oct. 8 Holders of rec. Sept. 26a
Nov. 1 *Holders of rec. Oct. 20
New York State Rys.,fly,,
pref. (guar.) - - Oct. 2 Holders of rec. Sept. 22a
Providence Gas (guar.)
81
Oct. 2 Holders of rec. Sept.
Preferred (acct. accum. dividends)- ._
Oct. 2 Holders of rec. Sept.22a
Public Serv. Co. of Nor.Ills., com.(qu.)- *1% Nov. 1 *fielders of rec. Oct. 15a
_
14
Northern Ohio Tr. & Light. pref.(qu.),
Oct.
2 Holders of rec. Sept. 15a
Preferred (quar.)
*131 Nov. 1 *Holders of rec. Oct. 14
Ottawa Traction (quar.)
Quissett Mid
Oct. 2 Holders of rec. Sept. 15
•$50
Philadelphia Co., corn. (quar.)
750 Oct. 31 Holders of rec. Oct. 2a
Richardson Co., pref. (guar.)
131 Oct. 1 Holders of rec. Sept.
6%
15a
cum.
preferred
Rich-Sampliner Knitting Mills, pf. (qu.) 14 Oct. 2 Holders of rec.
$1.50 Nov. 1 Holders of rec. Oct. la
Philadelphia Rapid Transit
14 Oct. 1 Holders of rec. Sept. 20a
Robbins & Myers Co., 7% pref. (quar.)_
75c Oct. 31 Holders of rec. Oct. 16a
(guar.)
Sept. 20a
Philadelphia Traction
25c. Dec. 20 Dec. 10 to
Oct. 2 Holders of rec. Sept. 9a
$2
St. Joseph Lead (quar.)
Dec.
Philadelphia & Western, preferred
20
25e. Dec. 20 Dec. 10 to
Oct. 14 holders of rec. Sept. 30a
62540
Extra
Dec. 20
Portland fly. Pow.& L., 1st pref. (qu.)
2
St. Joseph Stock Yaras (guar.)
155 Oct. 2 holders of rec. Sept.21
_
Sept. 30 Sept. 21 to Sept. 30
Prior preference (guar.)
Oct.
2 Holders of rec. Sept.21
134
Sayers & Scoville Co., corn. & pf (qu.) _ _
131 Oct. 2 Holders of rec. Sept. 20
Porto Rico Rys., pref. (quar.)
134 Oct. 2 Holders of rec. Sept. 15
131 Oct. 2 Holders of rec. Sept. 21
Scott & Williams, Inc., pref. (guar.) _ _ _ _
Public Service Corp. of N.J., com
134 Sept. 30 Holders of rec. Sept. 15a
Second preferred (guar.)
.(qu.)Oct. 2 Holders of rec. Sept. 21
Preferred
(guar.)
Sept.30 Holders of rec. Sept. 15a
Smith (Howard) Paper Mills, corn. (qu.) 131 Oct. 20 Holders of rec. Oct. 10a
Ridge Ave.
Oct. 2 Sept. 16 to Oct. 1
Preferred (guar.)
Oct. 20 Holders of rec. Oct. 10a Savannah Pass. fly,, Phila.(guar.)_ _ _ - $3
Elec. & Power, pref
Oct. 2 Holders of rec. Sept. 21a
131 Oct. 15 Holders of rec. Sept. 30
Southern Wisconsin Elec.. pref. (quar.) _
Debentures, first preferred (guar.)
4,1 yi
Oct. 2 Holders of rec. Sept. 21a
Oct. 16 *Holders of rec. Oct. 7
Span .11.1v.Pulp& P.M ills,com.& pf.(qu.)
Second dr 3d Sts. Pass., Phila. (quar.)-.
131 Sept.30 Sept. 17 to
Oct. 1 Holders of rec. Sept. la
Spring Valley Water (guar.)
Oct. 1
Springfield fly, & Light, prof.
75c. Nov. 1 Holders of rec.
Oct. 2 Holders of rec. Sept. 15a
(guar.)- -Sterling Products, Inc.(quar.)
Oct. 14
Tennessee Elec, Power,6% pref.
3
Oct.
2 Holders of rec. Sept.20
(guar.)
Sept.
(quer.)
30 Holders of rec. Sept. 26a
Standard Safe Deposit
Seven per cent preferred
5
Oct. 2 Holders of rec. Sept.20
(quar.)
Oct. 1 Holders of rec. Sept. 21
Standard Screw (quar.)
Tr
-City
R.
dr Light, pref. (guar.)
3
Oct.
1 Holders of rec. Sept. 20
Oct. 10 Oct. 4 to
Standard Underground Cable (guar.) _ _ _
Twin City Rat). Tr.. Minneap.,
.50c. Oct. 20 Holders of rec. Oct. 10
Oct. 2 Holders of rec. Sept. 153
pf.(qu.)Stearns (F. B.) Co.(guar.)
Sept. 30a
United Elec. Rys., Providence (quar.)—
Oct. 2 Sept. 16 to Sept. 26
let.
2 *Holders of rec. Sept. 28
Stover Mfg. & Engine. common (guar.) *2
Unit ed Light & Rys., panic.
Oct. 2 Sept. 16 to Sept. 17
75e. Oct. 16 Oct. 2 to Oct.
pref.(qu.)Sullivan Machinery (quar.)
16
First preferred ((mar.)
Oct. 2 Sept. 16 to Sept.17
Nov. 15 Holdets of rec. Nov. 1
Superior Steel, let & 2d pref. (quar.)...... 2
Washington water Pow., Spokane
Oct. 14 Holders of rec. Sept. 25
*1
It. 16 "10 •ters of re,0,.t. 5
(qu.)
Trusco,S,•,el (iliac.)
West India Electric Co.(quar.)
Oct.
1
2 Sept. 23 to Oct. 1
Oct.
14
Holders of rec. Sept. 30
Tucketts Tobacco, common (guar.) _ _
,..4t Penn Power.
()referred (q oar.)
Nov. 1 Ho der, of rec. Oct. 16
131 Oct. 14 Holders of rec. Sept. 30
Preferred (quar.)
Winnipeg Electric fly,,pref.(quar.)_ -_ - 1 Holders of rec. Sept. 18
Oct.
2
Dec.
1
_
(guar.)
Holders
_
common
_
_
of rec. Nov. 15
United Clear Stores,
Yadkin River Power, pref.
Oct. 2 Holders of rec. Sept. 18
1
(quar.)
Dec. 1 Holders of rec. Nov. 15
Common (extra)
Sept.30
orders of re Sot.28
United (kr. & I. I. ((cheering Corp.(qu.) 20
Banks.
U.S.Play.Card(S20 par val. stk.) (gni - $1 Oct. 1 Holders of rec. Sept. 20a
America, Bank of (guar.)
Oct. 2 Holders of rec. Sept. 21a
5
3
Oct. 1 Holders of rec. Sept. 20a
$100 par value stock (guar.)
krnerican Exchange National (guar.)
331 Oct. 2 lio tl rs of rec. seot. 21a
131 Oct. 1 Holders of rec. Sept. 20a
U. S. Printing & Lith., 1st pf. (guar.)- Amer. Exch. Secur. Corp., class (qu.)
00
2
0. 1 Holders of rec. Sept. 16
87
A
14
Oct.
Holders of rec. Oct. 5
U.S.Smelt. Refg. & Mtn., pref.(guar.)_
Chase National (quar.)
Oct. 2 Holders of rec. Sept. 180
4
500. Nov. 1 Holders of rec. Oct. 14
Ventura Con,
ol. Oil Fields (guar.)
Chase Securities Corp. (quar.)
Oct. 2 Holders of rec. Sept. 18a
$1
Oct. 1 Sept. 21 to Oct. 1
Victor-Monaghan Co., pref. (guar.)- - - Chatham & Phenix Nat.
Oct. 2 Sept. 16 to Oct. 1
4
(quar.)
*50c. Nov. 1 *Holders of rec. Oct. 23
Wahl Co., common (monthly)
Coal & Iron National
Oct. 2 Holders of rec. Sept. 13
3
(guar.)
*50c. Dec. 1 *Holders of rec. Nov. 22
Common (monthly)
colonial (guar.)
Oct. 1 Hollers of re'. Sept. 20a
3
*50c.
Jan. 1 *Holders of rec. Dec. 22
Common (monthly)
Commerce. National Bank of (quar.)Oct. 2 Holders of rec. Sept. 15a
- 3
Preferred (guar.)
*1U Jan. 1 *Holders of rec. Dec. 22
I, fin Avenue (quar.)
Oct. 2 Holders of rec. Sept. 30a
6
Wells, Fargo & Co
Dec. 20 *Holders of r_.c. Nov. 2L)
*2
Fifth National (guar.)
2% Oct. 2 Sent.26 to Oct. 1
Western States Gas & Finn., pref.(MO
131 Oct. 14 Holders of re,.. Sent. 30
First National (quar.)
5
Oct. 2 Holders of rec. Sept. 30a
West Kootenay Pow. & Lt., pref. (qu.)14 Oct. 2 Holders of rec. Sept. 27
First Security co
Oct. 2 Holders of rec. Sept. 30a
5
Wheeling Steel Corp., pref. A (quar.)...
1
Oct. 2 Holders of rec. Sept. 15
Garfield National (quar.)
Sept.30 Holders of rec. Sept.260
3
Preferred 13 (quar.)
131 Oct. 2 Holders of rec. Sept. 15
Gotham National
Oct. 1 Sept.29 to Oct. 1
3
(quar.)
Wilson (C. R.) Body, pref. (quar.)
131 Oct. 1 Sept. 21 to Oct. 1
Greenwich (quar.)
Oct. 2 Holders of rec. Sept.20a
3
Woods Mfg., pref. (guar.)
131 Oct. 1 Holders of rec. Sept. 25a
Hanover National (guar.)
Oct. 2 Sept.121 to
0
Oct. 1
131
•
Books Closed.
Days Inc'ustre.
Name of Company.
[VoL. 115.
THE CHRONICLE
1506
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Oct. 10 Holders of rec. Sept. 30a
2
Brooklyn Borough Gas(guar.)
Oct. 2 Holders of rec. Sept. 15a
2
Brooklyn Union Gas (guar.)
134 Oct. 1 Sept.20 to Sept. 30
Brunswick-Balke-Collender, pref. (qu.)_
134 Oct. 2 Holders of rec. Sept. 20a
Bucyrus Co.. Pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 29
Buda Company, ore( (guar.)
Sept.30 Holders of rec. Sept. 15
2
Buffalo General Electric (guar.)
134 Oct. 2 Holders of rec. Sept.220
Burns Bros., pref. (guar.)
200
131 Nov. 1 Holders of rec. Oct. 21a
Prior preferred (guar.)
Sept.30 Holders of rec. Sept.
2
Burroughs Adding Machine (quar.).__
19a
Sept.
rec.
of
Holders
2
Oct.
244
Burt(F. N.) Co.,common (guar.)
lg Oct. 2 Holders of rec. Sept. 190
Preferred (guar.)
Sept.20a
rec.
of
Holders
2
Oct.
(quar.).
pref.
134
Buildings.
Bush Terminal
25e. Oct. 2 Holders of rec. Sept. 15
Cadet Knitting,common
Oct. 2 Holders of rec. Sept. 15
2
First preferred (quar.)
(qu.)
134 Oct. 2 Holders of rec. Sept. 15a
pref.
Calif. Elec. Generating,
154 Oct. 1 Holders of rec. Sept. 20a
California Petroleum, pref. (quar.)
Oct. 2 Holders of rec. Sept. 150
2
Cam brla Iron
Oct. 1 Sept 17 to Sept.30
134
Canada Bread, preferred (quar.)
Trust Companies.
134 Oct. 16 Holders of rec. Sept. 300
(quar.).
common
Ltd.,
Cement,
Canada
23a
Sept.
rec.
of
134 Sept. 30 Holders
Oct. 4 Holders of rec. Sept. 260
2
American (guar.)
(quar.)
common
Ltd.,
Cottons,
Oct. 2 Holders of rec. Sept. 22a Canadian
5
Bankers (guar.)
134 Oct. 4 Holders of rec. Sept. 26a
Preferred (quar.)
Oct. 16 Holders of rec. Oct. 10
5
Oct. 30 Holders of rev. Sept. 30a
Bank of New York & Trust Co
(guar.)._
134
common
Explosives,
Canadian
27
Sept.
rec.
of
Oct. 2 Holders
6
Brooklyn (quar.)
131 Oct. 15 Holders of rec. Sept. 300
Preferred (guar.)
Sept. 21a
rec.
of
Holders
2
Oct.
534
Central Union (guar.)
134 Oct. 2 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 20a Canadian General Electric (quar.)
4
Oct. 1 Holders of rec. Sept. 20a
Columbia (guar.)
(quar.). 1
Sept.30 Holders of rec. Sept. 22a Canadian Locomotive, common
4
144 Oct. 1 Holders of rec. Sept. 20a
Equitable (guar.)
Preferred (quar.)
1
Sept.30 Sept.21 to Oct. 4
234 Sept. 30 Sept. 23 to Oct.
Fidelity-International (guar.)
134
Oil,
common
(guar.)
Canfield
15a
Sept.
rec.
Sept.30 Holders of
3
1% Sept.30 Sept.21 to Oct. 4
Guaranty (guar.)
Preferred (guar.)
Oct. 1
234 Sept.30 Sept.21 of to
134 Sept.30 Sept. 21 to Oct. 2
Hudson (guar.)
rec. Sept.22e Carey (Philip) Mfg. Co., met. (guar.)_ _
1 )i Oct. 2 Holders
Lawyers Eit le dr Trust Co. (guar.)
131 Oct. 31 Oct.d16 to Oct. 31
(guar.)
preferred
Inc.,
ler,
Car
20a
Sept.
Oct. 2 Holders of rec.
3
Oct. 1 Holders of rec. Sept. 110
Manufacturers', Brooklyn (guar.)
14
pref.
(qu.)._
of rec. Sept. 20a Case (J. I.) Thresh. Mach.,
Holders
2
Oct.
2
Extra
134 Oct. 1 Holders of rec. Sept.250
s Co., preferred (guar.) _
Sept.30 Holders of rec. Sept. 22a Casey-Hedge
4
30 Holders of rec. Sept. 150
Sept.
134
Metropolitan (guar.)
(guar.)
corn.
Company.
Celluloid
Sept. 3f) Sept. 24 to Oct. 1
5
Oct. 1 Holders of rec. Sept. 154
2
New York (guar.)
Cement Securities (guar.)
Sept.30 Holders of rec. Sept. 29
5
Oct. 1 Holders of rec. Sept. 15a
1
Peoples (Brooklyn) (quar.)
Extra
92n
Sept.
of
ree
Sept. 30 Holders
4
$1.50 Oct. 2 Hotrlers of rec. Sept. 21
Title Guarante.. & Trust (guar.)
Central Aguirre Sugar Cos. (quay.)
1234 Oct. 2 Holders of rec. Sept. 201 Central Ills. Public Service, pref. (quar.) 134 Oct. 15 Holders of rec. Sept.300
United States (quar.)
$2.50 Oct. 1 Holders of rec. Sept. 25a
Central Petroleum
rec. Sept. 9
Miscellaneous.
States Elec. Corp., pref. (quar.) 134 Sept.30 Holders of
Central
20a
Sept.
rec.
of
Holders
2
Oct.
1%
Abitibi Power & Paper. Ltd.. pfd.(qu.)_
134 Oct. 2 Holders of rec. Sept. 200
Certain-teed Prod., 1st & 2d pref.
Sept. 200
Oct. 1 Sept.24 to Sept. 30
rec.
of
2
Holders
.1
Oct.
_
Acme Road Machinery, pref. (quar.)_ _ _
(guar.).
134
n
o
i
p
m
a
h
C
)
.
t
w
(
pref.
Paper,
Coated
to Oct. 1
51.50 Oct. 1 Holders of rec. Sept. 200
Adirondack Pow.& Lt.7% pref. (guar.) 1% Oct. 2 Sept.20 to Oct. 1
Chandler Motor Car (quar.)
Oct. 2 Sept.20
2
Sept.30 Holders of rec. Sept. 90
344
Eight per cent preferred (guar.)
common
(guar.)
Mfg.,
Chesebrough
9a
% Oct. 2 Holders of rec. Sept. 151
134 Sept.30 Holders of rce. Sept. 15
Advance-Rumely Co., pref. (guar.)._ _
Preferred (guar.)
Sept.
131 Sept.30 Holders of rec. Sept. 25
Aeolian Company, pref.(guar.)
S. Y.,corn.(qu.)- 234 Oct. 1 Holders of rec. Sept. 15
Oct. 15 Holders of rec. Sept.30a Chic. Jct. Rys.& Un.
of rec.
$1
Holders
1
Oct.
144
Air Reduction (guar.)
(guar.)
Preferred
rec. Sept. 230
1% Oct. 1 Holders of rec. Sept. 30a
Alabama Power, preferred (quar.)
Mill & Lumber, pref.(guar.)... 144 Oct. 2 Holders of
1% Oct. 14 Holders of rec. Oct. 2a Chicago Morris
All America Cables (guar.)
144 Oct. 1 Holders of rec. Sept. 30a
Plan (quar.)
15n Chicago
rec. Sept. 21
of
*Holders
2
Oct.
*2
Allied Chem.& Dye Corp.. pref. (guar.) 1% Oct. 2 Holders of rec. Sept.
(guar.)
Equipment
21
141 Oct. 16 Holders of rec. Sept. 250 Chicago Ity.
Allis-Chalmers Mfg.. pref.(guar.)
134 Oct. 1 Sept. 15 to Sept.30
CIncinnati Gas & Electric (guar.)
"75c. Oct. 16 *Holders of rec. Sept.3l)
2 Sept.22 to Sept.
Oct.
2
Amalgamated ( (guar.)
(guar.)
Telep.
Bell
Sub.
&
Ctn.
rec. Sept.30a
20a
Sept.
rec.
of
Holders
30
Sept.
American Art.Works, corn. & pref.(qu.) 134 Oct. 15 Holders of
2
Cincinnati Union Stock Yards (guar.)._
750. Oct. 2 Holders of ree. Sept. 12a
American Bank Note. pref. (quar.)_
rec. Sept. 9a Cities Servicerec. Sept. 15
American Beet 'Rutter. preferred (guar.). 1 ;.‘ Oct. 3 Holders of rec. Sept. 22s
Common (monthly, payable in scrip). *044 Oct. 1 *Holders of
of
Holders
30
Sept.
$1
of rec. Sept. 15
(qu.)
corn.
dr
Shoe
Fdy.,
Amer.Brake
Common (payable in corn. stk. scrip). *al A Oct. 1 'Holders of
rec. Sept. 15
15j Sept.30 Holders of rec. Sept.22s
Oct. 1 *Holders
.34
4
Preferred (guar.)
in
(payable
B
cash)
pref.
at
Prof.
15n
Sept.
1% Oct. 2 Holders of rec.
% Nov. 1 Holders of rec. Oct. 15
American Can. pref.(guar.)
Common (mthly, pay in cash scrip)._
161
of
rec.
Sept.
Holders
2
Oct.
3
rec. Oct. 15
of
Holders
1
Nov.
Amer. Car & Fdy., common (quar.)
Common (payable in corn. stk. scrip). 134
154 Oct. 2 Holders of rec. Sept. 16a
% Nov. 1 Holders of rec. Oct. 15
?referred (guar.)
. and pref. B (payable in cash)._
Pref.
rec. Sept.26
of
1;4 Oct. 2 Holders of rec. Sept. 15a
Holders
2
Oct.
131
(guar.)
American Cigar, pref.(guar.)
preferred
1% Oct. 2 H dders of rec. Sept. 25' City Investing,
Sept.30 Holders of rec. Sept. 25
3
Ameri otn Cyanami I, preferred (quar.)_
Coal, common
Oct. 2 Holders of rec. Sept. 14a ClinchfieldWorsted
$2
Sept.30 Holders of rec. Sept. 150
1
American Express (guar.)
Mills
(guar.)
Cleveland
Oct. 2 Holders of rec. Sept 201
1
Holders of rec. Sept. 200
American Gas
Cluett,Peabody & Co., preferred (quar.) 134 Oct. 2
2 Holders of rec. Sept. 16
Oct. 1 Holders of rec. Sept. 150
$I
Amer. Gas & Elec., common (quar.)_ _ _ _ 51.25 Oct.
Coca-Cola Co., corn. (guar.)
750. Nov. 1 Holders of rec. Oct. 14
25c. Oct. 1 Holders of rec. Sept. 1
(guar.)._
Preferred (quar.)
corn.
Finance
Corp.,
Colonial
3734o. Oct. 2 Holders of rec. Sept.20a
Oct. 1 Holders of rec. Sept. 1
2
Amer.-Hawaiian SS. (guar.)
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 20a
2
44 Oct. 16 Holders of rec. Sept. 13
Amer. Lace Manufacturing (guar.)
common (guar.)
Oct. 1 Holders of rec. Sept. 20a Colorado Power,
2
Oct. 2 Holders of rec. Sept. 15a
50e.
_
_
(quar.)_
Extra
Mfg.
Arms
Fire
Colt's Patent
20
Nov. 15 Holders of rec. Nov. la
Oct. 1 Holders of rec. Sept. 200
1
Amer. La France Fire Eng.. corn.(guar.) 25c. Oct.
2 Holders of rec. Sept. 25a Columbia Petroleum (monthly)
144
Oct. 1 Holders of rec. Sept. 2a
51
A,
Class
Preferred (guar.)
pref.(qu.)
Solvents,
Commercial
Oct. 14 Oct. 5 to Oct. 14
of rec. Oct.
Holders
15
Oct.
144
(qu.).
Elec.,
&
pref.
Amer. Laundry Machinery. pref. (guar.) 131
Gas
th
ti Sept.30 Holders of rec. Sept. 13a Commonweal
of rec. Sept.250
American Locomotive, corn. (quar.)___ _
abulating-Recording (qu.)_ $1.50 Oct. 10 Holders of
rec. Sept.200
151 Sept.30 Holders of rec. Sept. 13a Computing-T
250. Oct. 2 Holders
Preferred (guar.)
Connor (John T.),common (quar.)
Oct. 1 Sept. 17 to Oct. 1
of rec. Sept. 150
1;i
Holders
2
Oct.
2
(guar.)
pref.
(qu.)._
Mfg.,
corn.
American
Coesol. Gas, El. Lt. & P.,
an
npe
Dee
to
17
31
rec. Sept. 15
Dec
of
Holders
114
2
Oct.
2
Preferred (guar 1
Preferred, Series A (quar.)
15
Sept.30 Holders 1 rec. Seat. 23a
144 Oct. 2 FRIders of rec. Sept.15
Amer.Pentimatic Tool, 1st pref.(guar.). $1.75 Oct. 2 Holders of rec. Sept. 15
Preferred, Series B (No. 1)
Oct.
rec.
of
*Holders
20
Oct.
134
*3
(guar.)
pref.
Amer. Power & Light,
Consolidated Royalty (guar.)
1
Oct.
to
2
of
15
Sept.
10
Holders
Oct.
rec.
Sept.
1%
0., pt.(qu.) 14 Sept.30
American Public Service, Pref. (guar.)._ $1
Sept. 15a
Sept.30 Holders of rec. Sept. 15, Consum. El. Lt.& Pow., N.
234 Oct. 2 Holders of rec. Sept.21
American Radiator.common (quay.)Consumers Gas (Toronto) (guar.)
of
15
Holders
rec.
to
Oct.
30a
Sept.
15
1%
Sept.
2
Oct.
(quar.)
134
Co.,6% pref.(guar.).
American Rolling Mill, pref.
25c. Oct. 2 Holders of rec. Sept. 12e Consumers Power pref. (guar.)
154 Oct. 2 Sept. 15 to Sept.21
American Safety Razor Corp.(No. 1)
Seven per cent
1% Oct. 2 Holders of rec. Sept.23a
134 Oct. 1 Holders of rec. Sept. 20a
- American Screw (quer.)
Continental Can. pref. (attar.)
15
Holders
Oct.
of
30a
Sept.
rec.
1
Oct. 20 Holders of rec. Oct. 20
American Seeding Machine. corn. (qu.)
Products Refining, corn.(quar.)_ _ _ $1
Oct. 20 Holders of rec. Oct. 2a
d154 Oct. 15 Holders of rec. Sept. 30a Corn
50c
Preferred (guar.)
(extra)
Common
15
1
of
Oct.
Holders
Nov.
rec.
2
14 Holders of rec. Oct. 2a
Oct.
(guar.)
common
131
American Shipbuilding,
Preferred (guar.)
2 F eb. 1'23 Holders of rec.Jan.15'23
Oct. 2 Holders of rec. Sept. 19a
2
Common(quar.)
ay 1'23 Holders of rec. Apr.l4'23 Cornell Mills (guar.)
M
2
2 Holders of rec. Sept. 19a
Oct.
2
(guar.)
Common
Extra
2 A ug. 1'23 Holders of rec. July 14'2a
Oct. 2 Sept. 16 to Oct. dl
2
Common(guar.)
1st pref.(quar.)_ _
1% Nov. 1 Holders of rec. Oct. 14a Corona Typewriter,(guar.)
134 Oct. 2 Sept. 16 to Oct. dl
Preferred (guar.)
preferred
Second
13. Oct. 1 Sept. 16 to Sept.24
Nov. 1 Holders of rec. Oct. 3a
$1
Amer.Smelters Secur., pref. A (quar.)
Costlen & Co., common (guar.)
Oct. 1 Sept. 16 to Sept.24
Sept.30 Sept. 16 to Oct. 1
3
Preferred B (guar.)
Oct. 2 Holders of rec. Sept. 190 Craddock-Terry. corn. (guar.)
3
30 Sept. 16 to Oct. 1
Sept.
1
(q11.)
E.
B.
&
Ship
American Snuff, common (guar.)
Sons
dr
1% Oct. 2 Holders of rec. Sept. 190 Cramp (Wm.)
d50c Oct. 10 Oct. 1 to Oct. 10
Preferred (guar.)
750. Oct. 14 Holders of rec. Oct. 2a Creamery Package Mfg.,common (qu.). dl% Oct. 10 Oct. 1 to Oct. 10
American Steel Foundries, corn.(guar.).
(guar.)
Preferred
150
154 Sept.30 Holders of rec. Sept. 15a
134 Sept.3,..) Holders of rec. Sept.
Preferred (guar.)
Crucible Steel, preferred (guar.)
1% Oct. 2 Sept. 21 to Oot. 2
1% Sept.30 Holders of rec. Sept. 2a
American Stores, common (guar.)
Cuban-American Sugar. pref. (guar.)._ _
1% Oct. 2 Holders of rec scot
Oct. 16 Oct. 1 to Oct. 16
Amer. Sugar Refg., pref. (quar.)
(quar.).
134
&
pref.
corn.
Telephone.
Cuban
1
234 Sept.30 Holders of rec. Sept. 23a
144 Oct. 2 Sept. 21 to Oct. 1:5
(guar.)._
American Surety (guar.)
1% Dec. 1 Holders of rec. Nov.30a Dalton Adding Machine. Pref.
134 Oct. 2 Holders of rec. Sept. 20a
American Telegraph dc Cable (guar.)._
Davol Mills (quar.)
214 Oct. 16 !folders of rec. Sept. 2on
rec. Sept.
of
Holders
2
Oct.
American Telephone& Telegraph (guar.)
_
Light,
154
pref.
&
(guar.)._
Power
251 Jan 15'23 Holders of rec. Dec. 20s Dayton dr
Oct. 2 Holders of rec. Sept. 15a
Quarterly
Cleveland Navigation (quar.). $1
234 Apr16'23 Holders of rec. Mar.16'23 Detroit Creamery
Oct. 1 Sept. 21 to Oct. 1
3
Quarterly
(quar.)
251 Xly16'23 Holders of rec. June 20'23 Detroit Edison (guar.)
Oct. 16 Holders of rec. Sept. 200
2
Quarterly
Detroit
2
9a
of
15a
Sept.
Holders
Oct.
reo
14e
(guar.)
1% Oct. 1 Holders of rec. Sent.
*2
American Tobacco, pref.
(guar.)
Oct. 14 Holders of rec. Oct. 10a Dixie Terminal, pref.
1
Oct. 2 *Holders of rec. Sept. 20
(gem%)
Amer. Type Founders, corn. (guar.)... 1%
Oct. 9
Oct. 14 Holders of rec. Oct. 10a Dodge Mfg., pref.
to
1
Oct.
10
(quar.)
Oct.
Preferred
234
1% Oct. 1 Holders of rec. Sept. 25a Dolores Esperanza Corp.(quar.)
of rec. Sept. 180
Amer. Wholesale Corp., pref. (guar.).-134 Oct. 2 Holders
Dominion Canners, Ltd., pref.(quar.)_ _
Sept. 1.6
1% Oct. 2 Holders of rec.
8
4 Oct. 2 Holders of rec.
Amer. Window Glass Mach.. coin. (qu.) 1% Oct. 2 Holders of rec. Sept.
Dominion Glass. common (guar.)
8
Sept.
of rec. Sept. 15
Holders
2
Oct.
Preferred (Tiara
(guar.)
Preferred
15
Sept.
16
16
Sept.
rec.
Oct.
to
of
26
Sept.
134
15i Oct. 1 Holders of rec. Sept. 10
American Woolen,com.and pref.(quar.) 2
Oct. 2 Holders of rec. Sept. 19a Dominion Iron & Steel, preferred (guar.) 2
Oct. 1 Holders rec. Sept. 15a
Arlington Mills (guar.)
Dominion 011 (quar.)
2
16
Sept.
to
Oct.
1
Oct.
154
of
lIolders
(guar.)
Oct. 2
3
Armour & Co., pref.
Dominion Textile, common (guar.)
114 Oct. 15 Holders of rec Oct. la
of rec. Sept. 30a
144 Oct. 16 Holders of
Asbestos Corp., common (quar.)
Preferred (quay.)
rec. Sept. 2
1( Oct. 15 Holders of rec. Oct. la
1 Holders
154 Oct. 2
Preferred (guar.)
3
Corporation
(guar.)
Draper
to Sept.30
30
Holders
of
Sept.
rec.
15
Sept.
22
87c.
Sept.
(quar.).__
ct.
13,6
Associated Gas & Elec., pref.
Driver-Harris, preferred (quar.)
Holders of rec. Sept. 20
1% Oct. 25 Holders of rec. Sept.301
1
2
.
t
e
Oct.0
0
1%
Associated 011 (guar.)
(guar.)
Co.,
pref.
al Oct. 1 Holders of rec. Sept. 20a Duluth Edison
1 Holders of rec. Sept. 200
Auburn Automobile, common (rm.).144 Oct. 1 Holders of rec. Sept. 20a Dunham (James H.)& Co.,corn.(guar.) 1144 Oct. 1 Holders of roc. Sept. 20a
Preferred (q tier a
First preferred (guar.)
Holders of rec. Sept. 20a
134 Oct. 1 Holders of rec. Sept. 16
Ault & Wiborg Co.. pref.(quar.)
Second preferred (quay.)
10a
144 Nov. 1 Holders of rec. Oct. 16a
. 25 Holders of rec. Oct.
Ott.
144 °
Austin. Nichols & Co., Inc., pref.(qu.)_
(qu.)
.stk.
deb
Co.
&
(111.1.)
deNem
duPont
1
of
7 to Oct. 15
Holders
Oct.
2
rec.
Oct.
Sept. 20a
Babcock & Wilcox Co.(quay.)
134 Oct. 16 Holders
Eagle-Picher Lead, pref. (guar.)
of rec. Aug. 31a
1% Oct. 1 Holders of rec. Sept. 29a
2
Oct.
5
Barnet Leather, preferred (quar.)
1
3
.
1
$1
Eastman Kodak,common (quar.)
Holders of rec. Aug. 310
Oct.
Barnhart Bros. & Spindler30
Preferred (guar.)
144 Nov. 1 Holders of rec. Oct. 261
50c. Oct. 1 Sept.21 to Sept. 30
First and second pref. (unar.)
Edmunds & Jones Corp., corn. (guar.)
15
Holders
Oct.
21 to Sept.
of
2
Sept.
30a
rec.
Sept.
(quar.)
pref.
1
2d
dr
1st
Oct.
Inc.,
Bros.,
Bayuk
134
200
Preferred
Sept.
(guar.)
rec.
2
of
Oct.
21
Holders
Sept.
to
4
_
_
1
Oct.
(quar.)_
30
Beatrice Creamery,common
134 Sept
Eisenlohr (Otto) & Bros., pref. (quar.).._ 600.
144 Oct. 2 Sept. 21 to Oct. 1
Oct. 2 Holders of rec. Sept. 21a
Preferred (quar.)
Holders of rec. Sept. 30a Electric Controller & Mfg.,common_ _-- 134 Oct. 2 Holders of rec. Sept. 21a
Beech-Nut Packing,common (monthly). 4c. Oct. 10
14
Oct.
Holders
of
(quar.)
1%
Preferred
rec.
Sept. 30a
Oct. 2 Holders of rec. Sept. 15a
750.
Preferred (quar.)
(gua)'.)
pref.
&
Oct. 14 Holders of rec. Sept. 23a Elec. Stor. Battery, corn.
2
Sept.30 Holders of rec. Sept. 22n
Bell Telephone of Canada (guar.)
Corp.,com.(guar.)- 2
Securities
1
Electrical
of
Oct.
'Holders
rec.
•144
20
Sept.
pf.
(qu.)
.
Cem.,
&
Stone
154 Nov. 1 Holders of rec. Oct. 200
Bessemer Lime,
Preferred (guar.)
Oct. 2 Holders of
Sept. 115a
154 Oct. 1 Holders of rec. Sept. 20
Bethlehem Steel, corn. dg corn. B (quar.) 134 Oct. 2 Holders of rec.
Emerson Electric Mfg., pref.(quar.)---.. 334 Sept.30 Holders of rec. Sept. 24a
rec.
15o
Sept.
134
(quar.)
Preferred
Oct. 2 Holders of rec Spot. 15n Empire Safe Deposit (quar.)
2
$1.25 Oct. 2 Holders of rec. Sept. 21a
Eight per cent preferred (guar.)
(quar.)COM.
Corp.,
-Johnson
Oct. 2 Holders of rec. Sept. 20a Endicott
2
$1.75 Oct. 2 Holders of rec. Sept. 21a
Billings & Spencer Co., pref.(quar.).
Preferred (quar.)
Oct. 16 Sept. 17 to Oct. 14
20
Oct. 10 *Holders of rce. Sept.30
+3
(guar.)
Borne Serymser(annual)
134 Oct. 1 Holders of rec. Sept. 22a E luity Petroleum Corp., pref.
(quar.)_
50c. Oct. 2 /folders of rec. Sept. 15
(guar.)
Boston Sand & Gravel. pref.
preferred
Oct. 1 Holders of rec. Sept. 220 Erie Lighting,
2
30 Holders of rec. Sept. 20
Sept.
750.
(guar.)
common
First preferred
1% Dec. 1 Holders of rec. Nov. la Fairbanks, Morse & Co.,
Oct. 2 Holders of rec. Sept. 20a
2
Brandram-Henderson, Ltd, common
Fall River Electric (guar.)
151 Oct. 1 Sept. 21 to Oct. 1
Oct. 2 Holders of rec. Sept. 150
(quar.)
32
preferred
(qu.)
corn.
Corp.,
Steel,
-Lasky
Famous Players
Brier Hill
50e. Oct. 2 Holders of rec. Sept. 27
2
Nov. 1 Holders of rec. Oct. 160
Ltd. (quar.)
British Amer. 011, ordinary
Sent.30 Holders of coup. No. 92s Famous Players-Lasky Corp.. Pf.
4
(interim)
Brit.-Amer. Tob..
Banks (Concluded)
6
Importers & Traders National (quar.)_ _
3
Irving National (guar.)
$3
Manhattan Co.. Bank of the
3
(guar.)
(Brooklyn)
Mechanics
5
Mechanics & Metals (quar.)
5
Mutual (quar.)
3
_
_
_
(quar.)_
Nassau National (Brooklyn)
4
National City (guar.)
2
(guar.)
Co.
City
National
2
Extra
2
New Netherland (guar.)
6
(guar.)
Park, National
4
Public National (guar.)
3
3eaboard Nat.(guar.)
4
State (quar.)
234
United States, Bank of (guar.)
Oct. 2
Oct. 2
Oct. 2
Oct. 1
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Oct. 2
Sept.30
Oct. 2
Oct. 2
Oct. 2
Holders of rec. Sept. 22a
Holders of rec. Sept. 22a
Holders of rec. Sept. 23a
Holders of rec. Sept. 16a
Holders of rec. Sept. 23a
Holders of rec. Sept.. 25a
Holders of rec. Sept. 28a
Holders of rec. Sept. 16a
Holders of rec. Sept. 18
Holders of ree Sept. 16
Sept. 26 to Oct. 1
Holders of rec. Sept. 25a
iloiders of rec. Sept.23
Holders of rec. Sept.22a
Holders of rec. Sept. 15a
Holders of rec. Sept. 205
114
•
SEPT. 301922.]
THE CHRONICLE
Per
When
Cent. Payable.
1507
Per
When
Books Closed.
Name of Company.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous. (Continued).
Miscellaneous (Continued).
Farr Alpaca (quar.)
2
Sept.30 Holders of rec. Sept. 18a Merrimack Chemical (quar.)
$1.25 Sept.30 Holders of rec. Sept. 16
Federal Oil, pref. (quar.)
2
Oct. 1 Holders of rec. Sept. 20a
Extra
$1 Sept.30 Holders of rec. Sept. 16
Fisher Body Ohio Corp., prof. (quar.)
2
Oct. 1 Holders of rec. Sept.210 Mexican Investment Co., Inc.. pref
4
Oct. 2 Holders of rec. Sept. 27a
Fleishmann Co., pref.(quar.)
1;i Oct. 1 Sept. 16 to Sept. 30
Mexican Petroleum, common (quar.)
3
Oct. 10 Holders of rec. Sept. 15a
Foster(W.C.) Co.,common (quar.)
75c. Oct. 1 Sept.21 to Sept.30
Preferred (guar.)
2
Oct.
2 Holders of rec. Sept. 15a
Preferred (quar.)
2% Oct. 1 Sept.21 to Sept.30
Michigan Gas & Electric, pref. (quer.)_ _ .
134 Oct. 20 *Holders of rec. Sept. 30
French Bros.& Bauer CO., pref. (quer.).
1% Oct. 1 Holders of rec. Sept 20a
Prior lien stock (quar.)
*134 Oct. 15 *Holders of rec. Sept. 30
Galena-Signal 011, preferred (quar.)_ _ _ _
2
Sept.30 Holders of rec. Aug. 31a Michigan Limestone & Chem., pf.
134 Oct. 16 Holders of rec. Sept. 30a
(qu.)Gen. American Tank Car, pref. (guar.). 14 Oct. 2 Holders of rec. Sept. 150 Middle States Oil(quar.)
300. Oct. 1 Holders of rec. Sept. 90
General Baking,corn. and pref.(quer.)_ _
2
Oct. 1 Holders of rec. Sept. 16: Middle West Utilities, Preferred (quar.). $1
Oct. 2 Holders of rec. Sept. 15
General Cigar cl,benture pref. (quar.).
134 Oct. 2 Hoidens el rec. Sept 250 Midland Securities
(quar.)
234 Sept.30 Holders of rec. Sept. 8a
General Electric (quar.)
2
Oct. 14 Holders of rec. Sept. 7a ':11 ter Rubber, pref. (bar.)
*2
Dec. 1 *Holders of rec .Nov. 10
Special (payable in special stock)
85
Oct. 14 Holders of rec. Sept. 70 Mississippi River Power, pref. (quar.)_
1% Oct. 2 Holders of rec. Sept. 22a
_
General Fireproofing, corn. (quer.)
18% Oct. dl Sept.d22 to Sept. 30
Mohawk Rubber, pref. (guar.)
1% Oct. 1 Sept. 26 to Sept. 30
Preferred (quar.)
I% Oct. dl Sept.21 to Sept.30
Monatiquot Rubber Works, pref.(qu.)_ _
15( Oct. 2 Holders of rec. Sept. 23a
General Railway Signal, pref.(quar.)
1% Oct. 1 Holders of rec. Sept. 20
Monomac Spinning (guar.)
Oct. 2 Holders of rec. Sept. 19a
$1
General Tire & Rubber. pref. (quar.)__ _
Oct. 1 Holders of rec. Sept.20
Montana Power, common (guar.)
34 Oct. 1 Holders of rec. Sept. 14a
Gibson Art Co.,com.(quar.)
28% Sept.30 Sept. 21 to Sept.30
Preferred (quar.)
14( Oct. 1 Holders of rec. Sept. 14a
Preferred (guard
15( Sept.30 Sept.21 to Sept.30
Montreal Telegraph (quar.)
2
Oct. 16 Holders of rec. Sept. 30
Gliktte Safety Razor (stock div.)
65
Dee. 1 Holders of rec. Nov. 1
Mortgage-Bond Co. (quar.)
2
Sept.30 Holders of rec. Sept. 25a
Geld & Stock Telegraph (quar.)
1% Oct. 2 Holders of rec. Sept.30a
Mountain Producers Corporation (quar.)
20e. Oct. 2 Holders of rec. Sept. 15a
Goodrich (B.F.) Co., pref.(quar.)
1% Oct. 2 Holders of rec. Sept.22a
Narragansett Elec. Ltg.(guar.)
$I Oct. 2 Holders of rec. Sept. 15a
Goulds Mfg., corn. (quar.)
1% Oct. 1 Holders of rec. Sept. 20a
Nash Motors, pref. (quar.)
134 Nov. 1 Holders of rec. Oct. 20a
Preferred (quar.)
Oct. 1 Holders of rec. Sept.203 Nashua Mfg., pref. (quar.)
154 Oct. 2 Holders of rec. Sept. 26a
Graese111 Chemical, common (quar.)
2
Sept.30 Holders of rec. Sept. 152 Nat. Automatic Fire Alarm (quar.)
2% Oct. 2 Holders of rec. Sept. 30a
Preferred (quar.)
18% Sept.30 Holders of rec. Sept. 152
National Biscuit, corn.(quar.)
1% Oct. 14 Holders of rec. Sept. 30a
Great Lakes Steamship (quar.)
*2
Oct. 2 *Holders of rec. Sept. 1
National Breweries, common (quar.)--- $1 Oct. 2 Holders of rec.
Great Lakes Towing,corn.(quar.)
Sept. 15a
18% Sept.30 Sept.21 to
Oct. 2
Preferred (guar.)
134 Oct. 2 Holders of rec. Sept. 15a
Preferred (quar.)
I% Oct. 2 Sept.21 to Oct. 2
National
Candy, common
2% Oct. 5 Sept.21 to Sept. 28
Great Western Sugar, pref. (guar.)-- 134 Oct. 2 Holders of rec. Sept. 15a
az Euacuellng 6r Wm,pref. (quar.)_
14t Sept.30 Holders of tee. Sept. ea
Greenfield Tap & Die 6% pref. (quar.)_ _
1% Oct. 2 Holders of rec. Sept. 15s
Preferred (guar.).
134 Dec 30 Holders of rec. Dee. 9a
Greenfield Tap dr Die,8% prof.(Qu.)
2
Holders of rec. Sept. 15a
Oct.
National Lead, common (quar.)
134
Sept.30 Holders of rec. Sept. 15a
Gruen Watch, pref.(quar.)
1% Oct. 1 Holders of rec. Sept. 20
National Ideoriee, pref. (quar.)
134 Sept.30 Holders of rec. Sept.220
Guantanamo Sugar, pref.(quar.)
2
Sept.30 Holders of rec. Sept. 15a
National Paper & Type,corn. & pr.(qu.) 2
Oct. 14 Holders of rec. Sept. 300
Gulf Oil Corp. (quar.)
1t4 Oct. 1 *Holders of rec. Sept. 20
National Refining, pref.(guar.)
2
Oct. 2 Holders of rec. Sept. 15a
Gulf State Steel, first preferred (quar.)_ _
14( Oct. 2 Holders of reo. Sept. ltia
National Sugar Refining (quar.)
1% Oct. 2 Holders of rec. Sept. 11
Hamilton-Brown Shoe, corn. (quer.)_ _
1
Oct. 1 Sept. 24 to Sept.30
National Surety (quar.)
3
Oct. 2 Holders of rec. Sept.20a
Hanes (P. H.) Knitting, pref. (quar.)
1% Oct. 2 Holders of rec. Spa.20a Newton Steel, common (quar.)
*1% Oct. 1 *Holders of rec. Sept. 20
Harbison-Walker Refrac., pref. (quar.). 1% Oct. 20 Holders of rec. Oct. 10a
Preferred (quar.)
*1% Oct. 1 *Holders of rec. Sept. 20
Harrisburg Light & Power, pref.(quar.). 1
Sept.30 Holders of rec. Sept. 18a New England
Fuel Oil
5
Oct. 2 Holders of rec. Sept. 27a
Hart.Schaffner & Marx, Inc., pref.(qu.) 1% Sept.30 Holders of rec. Sept. 19a
New Engiaud Telep. & Teleg. (quar.)..
2
Sept.30 Holders of rec. Sept. 13a
Hartford City Gas L., corn.& pf.(qu.)_ 50e. Sept.30 Sept. 19 to
Oct. 1
New England Tire & Rubber, prof
2
Oct. 15 Holders of rec. Sept. 15
Haverhill Gas Light (quar.)
$1.1234 Oct. 2 Holders of rec. Sept. 15a
New York Steam Corp., pref. (quar.)__ _
134 Oct. 2 Holders of rec. Sept. 15
Heath(D.C.)& Co., oref.(quar.)
1-q
Oct. I sere 26 to Sept. 3(1
New York Telephone, pref. (quar.)
1% Oct. 16 (holders of rec. Sept. 20
Helme (George W.) Co., com. (quar.)
3
Oct. 2 Holders of rec. Sept. 183 N
N.Y.Title & Mortgage (quar.)
2
Oct. 2 Holders of rec. Sept. 22
Preferred (quar.)
Oct. 2 Holders of rec. Sept. 183 'Jew York rrae,it
4
Oct. 14 hollers of roe. Sept. 20
Hendee Mfg., pref. (quar.)
Oct. 2 Holders of rec. Sept.23s New York Transportation
(quar.)
50o. Oct. 16 Holders of roe. Oct. 2a
Higbee Co., pref. (quar.)
2
Oct. 2 Sept.22 to Oct. 1
Niagara
Falls Power, prof.(quar.)
1
Oct. 16 Holders of rec. Sept. 30a
Hillman Coal & Coke, lst pref.(quar.)
134 Oct. 25 Oct. 16 to Oct. 25
North American Co., corn. (quar.)
$1.25 Oct. 2 Holders of rec. Sept. 5a
Second preferred (quar.)
1% Oct. 25 Oct. 16 to Oct. 25
Pt eferred (guar.)_
75e. Oct. 2 Holders of rec. Sent. 50
Hollinger Cons. Gold Mines, Ltd
kl
Oct. 7 Holders of rec. Sept. 22
Northern States Power, common (quar.) 2
Nov. 1 Holders of rec. Sept. 30
Holt, Renfrew & Co., Pref. (quar.)
1% Oct. 1 Sept.20 to Sept.30
Preferred (quar.)
Home Title Insurance (guar.)
154 Oct. 20 Holders of rec. Sept. 30
3
Sept.30 Sept. 24 to
Oct. 1
Norton Company, pref.(quar.)
Oct. 2 Sept. 10 to Oct. 2
Hood Rubber, common (quar.)
i3(
$1 Sept.30 Sept.21 to Oct. 1
Ogilvie Flour Mills, common (quar.)__ _ - 3
Oct. 2 Holders of rec. Sept. 22
Hooven, Owens, Rentschler Co., pf.(qu.) 1% Oct. 2 Sept. 21 to Sept. 29
Common (bonus)
Oct. 2 Holders of rec. Sept. 22
Hoover Steel Ball, com
2
Oct. I Sept. 21 to Sept.30
Ohio Bell Telephone, preferred (quar.)_ 10
Oct. 1 Holders of rec. Sept. 20a
Houston Gas & Fuel, pref.(quar.)
134
Sept.30
Sept.
Holders
lb
of rec.
134
Ohio Brass, common (quar.)
Howe Scale. pref. (quar.)
$1 Oct. 15 Holders of rec. Sept. 300
134 Oct
2 Sept. 17 to Oct. 1
Preferred
(quar.)
Hudson Motor Car (qu.)(no par stock)_ 500. Oct. 5 Holders of rec. Sept. 25a Ohio
13-4 Oct. 15 Holders of rec. Sept. 30a
Fuel Supply (quar.)
Ten dollars par value stock (qu.)
234 Oct. 15 Holders of rec. Sept. 302
$2.50 Oct. 5 Holders of rec. Sept.25a
Extra (payable in Victory 454%
Huntington Devel. & Gas, pref. (quar.).
Oct. 15 Holders of rec. Sept. 303
bds.)- i2
1% Oct. 2 Holders of rec. Sept. 23
Oh10 1)11 (quar.)
51.25 Sept.30 Aug. 27 to Sept. 24
Hupp Motor Car Corp., pref. (quar.)
Oct. 1 Holders of rec. Sept.20
Extra .
75e. Sept.30 Aug. 27 to Sept.24
Illinois Bell Telephone (quar.)
2
Sept.30 Holders of rec. Sept.29a Open Stair Companies
(quar.)
1/4 Sept.30
Imperial Oil, common (quar.)
2% Oct. 1 Holders of rec. Sept. 10
Orpheum Circuit, Preferred
Oct. 2 Holders of rec. Sept. 150
2
(quar.)
Preferred (quar.)
2
Oct. I Holders of rec. Sept. 10
Otis Elevator, common (quar.)
2
Oct. 16 Holders of rec. Sept. 30a
Imperial Tobacco of Canada, pref.
3
Sept.30
Preferred
(quar.)
Independent Pneumatic 'Fool (quar.)_ _
134 Oct. 16 Holders of rec. Sept. 30a
2
Oct. 2 'holders of rec. Sept. 2211
ottawa Car M fg.(guar.)
0.t. 2 Holders of rec. Sept. 15
1
Indiana Pipe Line (quar.)
2
Nov. 15 Holders of rec. Oct. 20
Ottawa Light, Heat & Pow.
1% Oct. 1 Holders of rec. Sept. 22a
Indianapolis Water, pref.(quar.)
Owens Bottle.com.(quar.) (quar.)-134 Sept.30 Sept.20 to Sept.29
50e.
Oct. 1 Holders of rec. Sept. 15a
Indianapolis Water Wks. Secur., pref
Sept.30
Sept.
29
Sept.
to
19
334
Preferred (attar.)
1% Oct. 1 Holders of rec. Sept. 150
Interlake Steamship (quar.)
Oct. e Holders of rec. Sept. 23
2
Paelfic-Burt Co , pref.(quar.)
134 Oct. 2 Holders of rec. Sept. 15
Extra
1
Oct. 2 Holders of rec. Sept. 23
Pacific Gas dr Elec., common
1% Oct. 16 Holders of rec. Sept. 30a
Internat. Button Hole Sew. Mach.(qu.) 1
Oct. 2 Holders of rec. Sept. 15
Pacific Telephone & Teleg.. (quer.)--pref. (quar.) I Li Oct. 16 ilociers of rec. Sept.30a
International Cement, common (quar.)_ 6234c Sept.30 Holders of rec. Sept. 153 Paige-Detroit
Motor Car, common
*30e. Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
Sept.30 Holders of rec. Sept. 15
Preferred ((Mar.)
*1% Oct. 1 *Holders of rec. Sept. 15
International Harvester,com.(quar.)
Oct. 16 Holders of rec. Sept. 251 Pan-Amer. Petrol. &
Transp.. Class A &
International Salt (quar.)
Oct. 2 (holders of rec. Sept. 150
B (quar.)
International Shoe,common
$1.50 Oct. 10 Holders of rec. Sept. 152
.50c. Oct. 1
Panama Power & Light, pref.
134 Oct. 2 Holders of rec. Sept.20
*51
(guar.).- Preferred
Oct. 1
Panhandle Prod.& Refg.. pref.
(quar.).Oct. 2 Holders of rec. Sept. 210
2
International Silver. pref. (quar.)
Oct. 1
to
1% Oct. 1 Sept. 16
Park-Utah Mining
15c. Oct. d2 Holders of rec. Sept.20a
Internat. Felep.& Teleg.(quar.)
114 Oct. 10 Holders of rec. Sept. 301 Parke, Davis& Co.(guar.)
(quar.)
4
Sept.30 Sept.21 to Sept.29
Intertype Corp., corn. (in com. stock)
110 Nov. 15 Holders of rec. Nov. la
Extra
4
Sept.30 Sept.21 to Sept.29
Island Creek Coal, common (quar.)
Oct. 2 Holders of rec. Sept. 18a
$2
?eeriest; Truck & Motor
Common (extra)
75e. Sept. 30 Hoiden of rec. Sept. la
Oct. 2 Holders of rec. Sept. 180
$2
Truck 4 Motor (quar.)
Preferred (quar.)
750. Dec. 31 Holders of rec. Dee la
$1 34 Oct. 2 Holders of rec. Sept. 182 Penn Central Light & (quar.) .
Pow., pref.(quar.) $1
Jones Bros. Tea, common
Oct. 2 Holders of rec. Sept. 110
81
Oct. 16 Holders of roc. Oct. 2a
Penney (J. C.) Cr, pref.
(guar.)
Preferred (guar.)
154 Sept.30 Holders of rec. Sept. 200
1% Oct. 2 Holders of roe. Sept.. 22a Penrnans, Ltd.,
common (quar.)
Jordan Motor Car, pref.(quar.)
Nov. 15 Holders of rec. Nov. 4
2
134 Sept.30 Holders of rec. Sept. 15s
Preferred
(quar.)
K. C. Clay Co. & St. J. Co., pf. (qu.)._
1;i Nov. 1 Holders of rec. Oct. 21
1% Oct. 2 Ho ders of rec. Sept. 20
Pennsylvania Power dr Light.
Kansas Gas & Elec., pref. (quar.)
pref. (qu.) 154 Oct. 2 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 21a Pennsylvania Salt
Kaufmann Dept. Stores, pref. (quar.)_ _
Manufacturing(quar.) 234 Oct. 14 Holders of rec. Sept. 304
1% Oct. 2 Holders of rec. Sept.20
Pennsylvania Water
& Power (q uar.)
Kaynee Co., pref. (quar.)
134 Oct. 2 folders of rec. Sept. 15a
134 Oct. 1 Holders of rec. Sept. 20s Peoples Gas
Light dr Coke (quar.)
Kayser (Julius) & Co., pref. (quar.)
$1.25 Oct. 17 Holders of rec. Oct. 3a
$2
Oct. 2 Holders of rec. Sept. 27a
Petti none, M waken Co.,
1st& 2d pf.(qu.) 154 Oct. 2 Holders of rec. Sept. 210
Kelley Told. Line & Transp. (qu.)
2
Oct. 1 Sept. 21 to Oct. 1
Phelps. Dodge & Co. (quar.)
Kelly-Springfield Tire .pref. (quar.)Oct. 3 Holders of rec. Sept.20a
1;4 Oct.
S1
Holders of rec. Sept. 152 Phillips Petroleum
Kelsey Wheel Co., common (quar.)
50c. Sept.30 Holders of rec. Sept. 150
$1.50 Oct. 2 Holders of rec. Sept.20a Pick (Albert) & (guar.)
Kerr Lake Mines (quar.)
1% Oct. 1 Sept. 23 to Oct. 1
1234c. Oct. 16 Holders of rec. Oct. 20 Pittsburgh PlateCo., pref. (guar.)
King Pled() Collor' Mills (guar.)
Oct. 1 Holders of rec. Sept. 15a
là lIt. 2 ilohlers of rec. Sent. 20a Pittsburgh Rolls Glass, common (quar.). 2
Kresge (S. S.) Co., preferred (quar.).__
1% Oct. 1 Holders of rec. Sept. 250
Oct. 1 Holders of rec. Sept. 16a Pittsfield Lime &Corp., pref. (quar.).,._
Kress (S. H.) & Co., preferred (quar.).._
2
Oct. 1 Holders of rec. Sept. 30o
Oct. 2 Holders of rec. Sept. 200 Pond Creek Coal Stone, pref. (quar.)__ _
(quar.)
Laurel Lake el ills, prof. (quar,)
Oct. 2 Holders of rec. Sept 191 Porto Rico
3734c Oct. 2 Holders of rec. Sept. 180
Telephone, common (quar.)_
Laurentide Company (quar.)
Oct. 1 Holders of rec. Sept. 200
1
Oct. 2 Holders of rec. Sept. 23
Common (extra)
Lawton Mills Corp.(quar.)
2
Oct. 1 Holders of rec Sept. 20a
1
Sept.30 Holders of rec. Sept. 22e
Preferred
Lawyers Mortgage (quar.)
2% Oct. 2 Holders of rec. Sept. 22a Prairie Oil&
4
Oct. 1 Holders of rec. Sept. 20a
Gas
(quar.)
Lehigh Valley Coal Sales (quar.)
3
Oct. 31 Holders of rec. Sept. 30a
$2
Oct. 2 Holders of rec. Sent. 142
Extra
Liberty Steel, pref. (quar.)
134 Oct. 1 Sept. 21 to Oct
2
Oct. 31 Holders of rec. Sept. 30a
1
Prairie Pipe Line
((mar.)
Library Bureau, common (quar.)
1% Oct. 2 Holders of rec. Sept. 20
3
Oct. 31 Holders of rec. Sept. 30a
Extra
Preferred (quar.)
2
Oct. 31 Holders of rec. Sept.30a
2
Oct. 2 Holders of rec. Sept. 20
Price Bros. & Co.
(quay.)
(quar.)_
Tobacco,
q
pref.
Oct. 2 Holders of rec. Sept. 230
Liggett & Myers
lfi Oct.
Holders of rec. Sept. I50 Procter .3r Gamble,
8% prof. (quar.)
25c. Sept.30 Holders of rec. Sept.20a
Loft, Incorporated (quar.)
2
Oct. 14 Sept.24 to Oct.d13
proviredal Paper. common
13734c Sept.30 *Holders of rec. Sept.23
(quar.)
Lone Star Gas (quar.)
134 Oct. 2 lolders of rec. Sept. 15
Preferred (quar,)
134 Oct. 2 Holders of rec. Sr.ot. 15
Long Island Lighting, pref. (quar.)
134 Oct. 2 Holders of rec. Sept. 20e Public Utilities
1,4 Oct. 2 Holders of rec. Sept. 150
I% Oct. 1 Holders of rec. Sept. 19a Pure Oil Co., Corp., pref.(guar.)
Loose-Wiles Biscuit, first pref. (quar.)
53.4% pref. (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 150
1% Nov. 1 Holders of rec. Oct. 19a
Second preferred (quar.),
Six per cent preferred
(quar.)
Rg Oct. 1 Holders of rec. Sept. 15
3
Oct. 2 Holders of rec. Sept. 163
Lorillard (P.) Co., common (guar )_
Eight per cent preferred
2
Oct. 1 Holders of rec. Sept. 15a
(quar.)
13( Oct.
Holders of rec. Sept. 162 Quaker Oats,
Preferred (quar.)
common
2
Oct. 16 Holders of rec. Oct. 2a
MacAndrews dr. Forbes, common (quar.) 2% Oct. 14 Holders of rec. Sept. 303
Preferred (guar.) (quar.)
1% Nov. 30 Holders of rec. Nov. la
1 ti Oct. 14 Hold,
rs of rec. Sept.. 302 Railway Steel
Preferred (guar.)
-Spring, common (quar.)-- 2
Sept.30 Holders of rec. Sept. 160
Mack Trucks,Inc., 1st & 2d pref.(quar.) 1% Oct. I Holders of rec. Sept.202 Ranger Texas 011 (quar.)
Oct. 1 Holders of roe. Sept. 103
2
1% Oct. 2 Holders of reo. Sept. 6a fleece Button
Mackay Companies, common (quar.)
Hole Mach.(quar.)
3
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of roe. Sept. 8a
1
Preferred (quar.)
Reece Folding Machine
(quar.)
ti Oct. 2 Holders of rec. Sept. 15
Magor Car Corporation, common (qtr.)- 25c. Sept.30 Holders of rec. Sept. 2.5,1
Reo Motor Car
Oct. 2 Holders of rec. Sept. 15a
25e
134 Sept.30 Holders of rec. Sept. 25,i
Preferred (quar.)
Reynolds Spring(quar.)
134 Sept.30 Holders of rec. Sept. 18
Mallinson (H. R.)& Co., Inc., pf.(MO - 1% Oct. 2 Holders of rec. Sept. 220 R.eynolds(R.J.) Co., pf. A & B (qu.)
Tob.,com. A & B (qu.).. 75e. Oct. 2 Holders of rec. Sept. 18a
1% Oct. 2 Holders of rec. Sept. 15;
Menet' Sugar, preferred (quar.)
Preferred (quar.)
1% Oct. 2 Holders of rec. Sept. 18a
Oct. 2 Holders of rec. Sept.20
Manhattan Electrical Supply (quar.)
$1
Richard Borden
Manufacturing (quar.).. 2
Oct. 2 Holders of rec. Sept. 140
Manhattan Shirt, pref. (quar.)
134 (let. 2 Holders of rec. Sept. 19a Robinson(Dwight
P.) dr Co.,1st pt.(qu.) *1/4 Oct. 1 *Holders of rec. Sept. 22
Manischewitz Co., pref.(quar.)
154 Oct. 1 Sept. 21 to Oct. 1
Rogers(Wm.
134 Oct. 2 Holders of rec. Sept. 20a
Manning, Maxwell & Moore,corn.(qu.)Sept.30 'holders of rec. Sept.302 Royal Baking A.) Co., pref. (quer.)_ _ _ 1
Powder, cola. (quar.)--- 2
Sept.30 Holders of rec. Sept. 15a
Manufacturers' Light & Heat (quar.)
Oct. 14 Holders of rec. Sept. 300
2
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 150
el
Marland 011(No. I)...
Sept.30 [holders of rec. Aug. 310 St. Louis Nat.
Stock Yards (quar.)
*2
Oct. 2 *Holders of rec. Sept. 25
Mass. Lighting Cos.6% pref. (quar.)- - - 1% Oct. 16 Holders of rec. Sept. 25
St. L. Rocky Mt.&
Pac. Co., corn.(qu.) 1
Sept.30 Holders of rec. Sept. 160
Eight per cent pref. (quar.).
Oct. 111 Holders of rec. Sept. 25
2
Preferred (guar.)
134 Sept.30 Holders of roe. Sept. 16a
Mathieson Alkali Works, pref. (quar.)__
Oct. 2 Holders of roe. Sept. 202 Safety Car Heat &
Ltg.(guar)
1% Oct. 2 Holders of rec. Sept. 21
Maverick Mills, pref. (quar.)
Oct. 2 Holders of rec. Sept. 200 Scovill Mfg. (quar.)
Oct. 1 Holders of rec. Sept. 23
5
May Department Stores, corn. (quar.).
Dec. 1 Holders of rec. Nov. 15a
Roebtiek dr Co., ord.(quar
194 Oct. 1 Hciders of ree. Sept. 150
Preferred (quar.)
Oct. 2 Holders of rec. Sept. 150 Shawinigan Water dr
Power
134
Oct. 10 Sept.27 to Sept.30
(quar.)
McCall Corporation. 1st pref.(quar.).-Oct. 1 *Holders of rec. Sept. 15
Shawmut Mills Corp.,common
134 Sept.30 Holders of rec. Sept. 20a
(quar.)
McCrory Stores, pref. (quar.)
Oct. 2 Holders of rec. Sept. 20
Preferred (quar.)
Sept.30
Holders of rec. Sept.20a
144
Merchants& Miners Transportation (qu)
Sept.30 Holders of rec. Sept. 230 Sherwin-%Villiams Co.of Can.,
com.(qu.) 134 Sept.30 Holders of rec. Sept.15
Mergenthaler Linotvne(niter.)
rep seez. 60
.ont 3. ,tolde,
Preferred ('altar.)
114 Sept.10 Holders of roe. Sent 15
- -
1.34
13.1
2
134
134
134
134
1%
I%
2
134
134
2
134
•
Books Closed.
Days Inclusive.
2
2
154
1/i
2
*11%
134
2
214
THE CHRONICLE
1508
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[voL. 115.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
The following shows the condition of the Now York City
20
Shell Union Oil Corporation (No. 1)_ _ _ _ •25c. Sept.30 *Holders of rec. Sept.
Oct. 2 Sept. 21 to Oct. I
2
House members for the week ending Sept. 23. The
Clearing
Shredded Wheat, common (guar.)
1A Oct. 2 Sept. 21 to Oct. 1
Preferred (quar.)
50e. Nov. 15 'folders of rec. I let. 14a figures for the separate banks are the averages of the daily
Sinclair ,'onsoi dl. coin. (quar.)
$1.25 Sept. 30 Sept. 16 to Oct. 1
Singer Mfg. (guar.)
results. In the case of the grand totals, we also show the
1A Oct.
Soden (G. A.) & Co., common (quar.)
1A Oct.
First preferred (quar.)
actual figures of condition at the end of the week.
Oct.
2
Second preferred (quar.)
A Oct.
Second preferred (extra)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
1 Yi Sept.30 Sept. 14 to Oct. 1
South Penn Oil (guar.)
(Stated in ,honsan ft of do'lars-lhat II. three ciphers 10001 omitted.)
150
Sept.
of
rec.
2
Holders
Oct.
2
South Porto Rico Sugar, Pref.(guar)
let. 2 Hollers of rec. Sept.
$I
Net
Soul h We.t Pa Pipe Lines (guar )
of rec. Sept. 30a
ReSern
Capital.! Prolits. Loans,
Southern Canada Power, pref. (quar.)- IA Oct. 15 Holders of rec. ()et. 1
Time Bank
Net
20 fielders
Oct.
with
_
1
_
Discount, Cash
ending
Southern States 011 corp.(montitty)
Week
10
De- CirceOct.
Demand
Legal
In
23 1922 Nat'l, .Ittne30 /westSpalding(A .G .)& Bros.,old&newstk(qu) 1% Oct. 16 Oct. 6 to Sept.
Sept.
la210
posits.
rec.
of
1
Deposits,
Holders
Oct.
Depost
2
Vault.
ments,
June30
State,
Mfg..
Spicer
pref. (guar.)
lion.
25
Oct.
to
18
Sept.
2
tortes.
Oct.
$1.25
Arc.
Standard 011 (Kentucky)(quar.)
(ON omitted.) Tr.Cos, June30
Oct. 2 Holders of rec. Aug. 250
3
Standard Ohl (Ohio) (quar.)
-rag, Average Ateragei Avge.
Oct. 2 Holders of roe. Aug. 2; Members of Fed. Re.. Bank. Average Average Ave
1
Extra
$ i $
$
13 Oct. 1 Holders of rec. Sept. 152
$
s
S
Standard Textile Prod., pf. A& B (flu.).
,
20
47,299 8,134
69,721 1,023 8,856
Steel & Tube of Amer.. pref. (quar.)--- 14 Oct. 1 Holders of roe. Sept 30a Ilk of NY. NBA d2,5(e) d3,274
Sept.
18,778
of
98,656
rec.
Holders
5
13,788
Oct.
10c.
2,267
17,277
123,626
of alarthat'n 5,1100
Sterling 011 & Development
993
, Bk
156,319 5,1901
Oct. 2 Holders of rec. Sept. 18
$1
Mech & Met Nat 10,000 17.326 164,028 6,260 20,731
Stromberg Carburetor
64,015 2,796
I /ea. I Hollers of rec. Sept. tin
2
67,277 1,606 8,583
Swift & to
isank of America 5,500 5,828
mar.)
1,917
20a
42,267
Sept.
rec.
of
*521,809
Holders
2
7,264
58,838
13,6 Oct.
Nat'l City Bank 40.000 49,730 462,515
Tecumseh Mills (quar.)
347
108,337 6,532
75e. Sept.30 Holders of rec. Sept. 8. Chemical Nat_ 4.500 15,967 122,506 1,089 14,551
Texas Company (quar.)
298
5
3,573
522
55
25c. Sept. 30 Holders of roe. Sept. 61
171
5,233
500
Texas Pacific Coal dr 011 (quar.)
Nat Butch & Dr
4,970
9,849
Sept.
25"
roe.
of
84,319
1
Holders
Oct.
2
Textile itanklee (qintr
Amer Exch Nat 5.000 7,450 101,574 1,202 11,029
285,784 18,363 ___ _
of rec. Sept. 20a
Holders
37,325
867
1
Oct.
131
338,689
25,000
36,405
Comm
of
(quar.)
Bk
preferred
Co.,
Nat
Thayer-Foss
709
22,805
971 3,297
Oct. 1 *Holders of rec. Sept. 25
22,740
1,000 1,712
.2
Pacific Bank__ _
Thompson(John ft.) Co.. cool.((mar.)
118,520 23,232 5,792
Nov. 1 'Holders of rec. Oct. 25
*1
Chat& Phen Nat 10,500 9,865 146,457 5,281 17,003
Common (extra)
100
(If rec. Nov. 25
103,990
14,164
'Holders
402
1
Dec.
116,995
20.169
*1
5,000
Nat'l_
Hanover
Common (extra)
155,641 22,028
*1 A Oct. 1 "Holders of rec. Sept. 25
Corn Exchange_ 8.250 11,147 170,667 6,421 22,538
Preferred (quar.) _
51
658
26,460
535 3,524
Oct. 2 Holders of rec. Sept.20
4
3.5,251
Trad Nat 1,500 8,500
&
Thompson-Starrett Co., preferred
Imp
128,349 5,417 5,460
725 16,840
1q Oct. 2 Holders of rec. Sept. 15, Nat Park Bank_ 10.000 23,230 158,222
Tobacco Products Corp., pref. (guar.) _ _
50
,
23
1,914
Oct.
of
rec.
11,878
Holders
357 1,675
13,774
776
1A Nov. 15
Preferred A (quar.)
East River Nat.. 1.000
193,377 36,455 7,477
510 28,22
Oct. 2 Holders i)f rec. Sept. 15,1
2
First Nat Bank. 10.000 43,695 278,539
Toledo Edison co pref. (01ar•)
186,735 7,874 2,521
Oct. 2 Sept. 16 to Sept. 21
Irving Nat Bank 12,500 11,006 191,064, 3,776 24,948
Tonopah Belmont Development (quar.). 5
Iln
380
Sept.
rec.
5,829
136 1,042
Sc. Oct. 2 Holders of
7,053
882
1,000
Continental Bk_
Tonopah I.; xi en,lon Slitting ,quar.)
6a
1,
30,797
Oct. 8
579
292,743
Oct. 21 Oct. 1 to
5
Chase Nat Bank 20,000 21,503 325,662 5,278 38,
Tonopah Mining
8
Oct.
21,138
to
1
2,743
543
Oct.
21,950
2% Oct. 21
500 2,273
Fifth Ave Bank.
Extra
424 1,371
8,469
62 he (sct. 2 Holders of rec. Sept. 21
884
400
Commonwealth.
Torrlagton r'o . common (guar.)
397
77
8,85 0
13
438 1,972
14,412
50e. Oct. 10 Holders of rec. Sept. 30' Garfield Nat Ilk 1.000 1,575
Transue & Williams Steel Forge (quar.)_
249
862
14,894
246 1,977
18,344
Oct. 2 Holders of rec. Sept. 25a
2
973
Fifth Nat Bank. 1.200
Traylor Engineering & Mfg., pref.(qu.)
65
71,985 1,907
Oct. 1
to
21
9,782
1
1,011!
Sept.
Oct.
75,679
25c.
6.763
4.000
Nat._
(quar.)
Seaboard
common
Steel,
Trumbull
415
643
Oct. 1
11,913
530 1,588
1( Oct. 1 Sept. 21 to
14,357
Coal & Iron Nat 1,500 1.311
Preferred (quar.)
•1c. ()et. 20 'Holders of rec. Sept.30a
9171 32,911 *257,470 20,434
Tr Co_ 20.000 24.083 279,473
(mom lily)
Bankers
Turman
48,202 6,281
720 6,287
2A Oct. 1 Holders of rec. Sept. 2a
56,565
Underwood Typewriter, corn.(quar.)_ _ _
U S Mtge & Tr_ 3,000 4.110
55,556
1A Oct. 1 Holders of rec. Sept. 2a
Guaranty Tr Co 25.000 17.400 378,814 1,243 39,835 *387,089
Preferred (ovum%)
643
17,867
3471 2,281
1A Oct. 16 Holders of rec. Oct. 6a
18,784
1,5(10 1.788
-Intern Tr_
Fidel
Union Bag & Paper (quar.)
en
6,793
Sept.
rec.
of
Holders
Oet.
4
76,637
623
10,004
$1
83,135
7,877
Carbon
5,00))
Co
(quar.)
Cartdde &
Unt
Columbia Tr
136,908 15,779
Oct.d14 Holders of rec. Sept. 30a
467 17,579
Trust Co.., 10,000 17.073 160,207
Union Natural Gas (guar.)
Y
N
36,453 3,761
508 4,835
41,868
114 Sept.30 Holders of rec. Sept. 20a
Metropolitan Tr 2,000 3.704
Union Twist Drill, preferred (quar.)
*93,226 29,220
495 12,899
50c. Oct. 10 Holders of rec. Sept. 21a Farm Loan & Tr 5,000 14.624 130,831
United Alloy Steel, common (quar.).
27,633 1,823
579 3,655
1 A Oct. 2 Holders of rec. Sept. I.5a
28,989
Bank. 2,000 1,908
Unitei Dyewood Corp., 0(5111. (quar.)
Columbia
15,406
154 Oct. 2 Holders of rec. Sept. 15a
Pr .ferred (quar.)
Equitable Tr Co 12,000 15,392 168,933 1,362 21,605 *189,464
Oct. 14 Holders of rec. Sept. 20a
2
United Fruit(guar.)
50c. Oct. 14 Holders of rec. Sept.30a Total of average.s 272,850 432.727 4,422,453 58,478 513,381 c3,814,502 400,56332,203
United Gas Impt., corn. (quar.)
873c. Dec. 15 Holders of rec. Nov. 30a
Preferred (quar.)
15c. Oct. 2 Holders of rec. Sept. Is Totals, actual co nditIon Sept.23 4,i01 53,982 542,661 c3,780,983 400,873 32,250
United Profit Sharing (quar.)
c3,842,603 435,251 33,845
50c. Oct. 5 Holders of rec. Sept. 19
United Shoe Machinery, corn. (quar.). _
Totals, actual co ndltion Sent.16 4,472,790 56,1871563,017 c3,710,611 439,194 33,792
Sic Oct. h Holders of rec. Sept. 19
37
actual en ndition Sept. 04,347,371 58,798 523,525
Preferred (guar.)
Totals,
of
rec. Sept. 21a
194 Oct. 2 Holders
State Banks Not Me mbers of Fed'I Res've Bank.
United Utilities, preferred (quar.)
50
17,882
of rec. Oct. Ja
1
17,786: 1,786 1,514
United Verde Extension Mining (guar.). 25e. Nov. 1 Holders of
Greenwich Bank 1,000 2,027
2,616 2,142
325
Holders
rec. Oct. ha
324
5,359
884
250
Bank__
Extra (account accumulated divs.) _ _ _ h25c. Nov.
Bowery
26,678 49,811
1 ti Sept.30 Holders of rec. Sept. 13
79,554 3,325 1,705
2.500 4,281
Bank_....
U. S. Bobbin & Shuttle, corn. (quar.). _ _
State
194 Sept. 30 Holders of roe. Sept. 13
Preferred (guar.)
47,176 52,003
3,544
50c. Oct. 15 Holders of rec. Sept. 30
U.S. Can,common (quar.)
Total of averages 3,750 7,193 102,699 5,435
194 Oct. 15 Holders of rec. Sept. 30
Preferred (quar.)
47,569 52,071
1
30
Sept.
3,493
16
Sept.
to
30
5,534
Sept
102,949
(quar.)
.23
Sept
U. S. Gypsum, common
Totals, actual co ndition
47,409 51,283
18.4 Sent.30 Sept. 16 to Sept.30
5,021 3,752
Preferred (gear.)
Totals, actual co ndition Sept.16 102,613 5,223 3,769
46,408 51,727
30a
of
16
Sept.
1
Holders
rec.
Oct.
_
_
(guar.).
101,935
9
pref.
Sept.
nditlon
Alcohol,
cc
actual
U.S. Industrial
Totals,
Fed '1 Res's,e Bank.
75e. Oct. 2 Holders of rec. Sept. 18.
U. S. Tobacco, common (quar.)
Trust ComPao lea Not Niembe rs of
34,052 1,108
51,189 1,429 3,716
194 Oct. 2 Holders of rec. Sept. 18,, Title Guar & Tr. 7,500 13,784
Preferred (quar.)
592
16,570
2
3
of
Oct.
Holders
rec.
874 1,637
20
_
Sept..
(quar.)_
25,477
corn.
6,440
"l'obacco,
4.000
Tr
Universal 1,eat
Lawyers T &
of
2
Holders
rec.
Oct.
20
2
Sept.
Preferred (quar.)
1,700
50,622
76,666 2,303 5,353
50c. Sept.30 Holders of rec. Sept. 18a
Utah Copper Co (guar.)
Total of averages 11,500 20,224
13-4 Oct. 2 Holders of rec. Sept. 12
Utah Power & Light. pref.(guar.)
51,185 1,682
ln Oct. 1 Holders of rec. Sept. 22
77,196 2,282 5,407
co ndition Sept.23
actual
Van Dorn Iron Works, pref. (quar.)... _
Totals,
50,703 1,816
Oct. 2
of rec. Sent. 15
76,140 2,091 5,675
Velie Motors Corp., 1st prof.(quar.) - *131 Oct. 15 *Holders
Totals, actual co ndition SePt.16
51,134 1,656
5,472
2,294
1
Oct.
10
to
5
Oct.
76,475
(qt1.)
Victor Talking Machine, common
Totals, actual co nelition Sept. 9
194 Oct. 15 Oct. 1 to Oct. 5
Preferred (quar.)
522,278 3,912,300 454,266 32,203
2
of
Holders
64,216
Oct.
1
rec.
15a
Sept.
01,818
(30.1454,6
avge 238.10:.
Wabasso Cotton (quar.)
-1,476
500. Oct. 1 Holders of rec. Sept. 22a Gr'd aggr., wit h prey week
+60,712 --1,985 -5,647 +46,877--9,622
Wahl Co., common (monthly)
Comparison
114 Oct. 1 Holders of ree. Sept. 22a
Preferred (quar.)
454,62632,250
3,879,737
551.561
2
of
Oct.
50e.
Holders
rec.
207
Sept.
61,778
4,598,550
(quar.)
Waldorf System, common
Gr'd aggr., act'! condo Sept.23
-999-69,057 --63,431 +2,842-1,425
20e. Oct. 2 Holders of rec. Sept. 20-i
First preferred and preferred (quar.)
wit h prey week.... +59,059
194 Sept. 30 Holders of rec. Sept. 20i Comparison
Walworth Mfg., pref. (quar.)
572,444 3,940,715 488,350 33,845
1
of
rec.
Oct.
2
Holders
63,299
22
Sept.
(qu.)_
pref.
Sept.16 4,651,543
Waring Hat Manufacturing,
537,766 3,808,153 492,577 33,792
75c. Oct. 2 Holders of rec. Sept. 2.ia Gr'd aggr., ace'cond'n
cond'n Sept. 94,525,781 66,315
Warren isms. Co., let pref.(guar.)
Gr'd aggr.,
3,816,871 493,357,33,819
2
of
Holders
87
Sic
Oct.
rec.
535,772
23"
Sept.
59,555
24.527,052
Second pref.(quar.)
(Jed aggr., act'l cond'o Sept.
494,869 33,795
1. 84 Sept.30 Holders of rec. Sent.25
264.506,086 82,128514.360 3,830,058 510,402 33,778
Aug.
Weber Piano. pref. (quar.)
cond'n
ace,
aggr.,
Gr'd
*S1.50 Oct. 5 *Holders or rec. Sept. 30
60,420560,447 3,859,847
West Coast 011 (quar.)
Gr'd aggr., act') condo Aug. 19 4,601,736
of
30
Sept.
Holders
$2.50
rec.
16a
Sept.
(quar.)
totals
Western Electric, common
134 Sept. 30 Hoidens of rec. Sept. Itla
net demand deposits In the general
Preferred (quar.)
Note.-U. S. deposits deducted from
23, $48,408,000; actual totals Sept. 23,
194 Oct. 15 Holders of rec. Sept. 30a
Western Power Corp., preferred (quar.)above were as follows: Average totals Sept.
$58,076,000;
2,
Sept.
;
2
of
Holders
$58,078,000
Oct.
2
"c.c.
25a
Sept.
9,
(qu.)
Sept.
; Sept. 16, $73,449,000;
liabilities,
Western Reserve Cotton Mills, pf.
194 Oct. 10 Holders of rec. Sept. 25a $11,937,000
rediscounts, acceptances and other
Western Union Telegraph (quar.)
Aug. 26, $58,078,000. Bills payable,
Oct. 31 -Holders of rec. Sept. 30a
$1
0; actual totals Sept. 23, $394,452,000:
Westinghouse Air Brake (quar.)
average for the week of Sept. 23, $310,561,00 0; Sept. 2, $318,953,000; Aug. 26,
of
31
Holders
Oct.
30a
Sept.
rec.
$1
(quar.)
0: Sept. 9, $348,883,00
Westinghouse Elec. At Mfg.,corn.
Oct. 16 Holders of rec. Sept.30s Sept. 16, $361,419,00
$1
$337,409,000.
as follows:
Preferred (quar.)
294 Oct. 2 Sept. 20 to Oct. 2
not included in total footing
Trust
* Includes deposits in foreign branches Trust
Westmoreland Coal (quar.)
10
Oct.
of
Holders
50c.
Co., $10,126,003: Guaranty
rec.
30
Sept.
Bank, $93,723,000; Bankers
City
National
Co., $25,White Eagle Oil & Refining (quar.)
Trust
Equitable
25e. Oct. 10 Holders of rec. Sept. 30a
; Farmers' Loan & Trust Co., $59,000;
Extra
reserve for such deposits
Sept.30 II olders of rec. Sept. 20a Co., $86,125,000
as
countries
$1
foreign
in
in
banks
Med
Guaranty
217,000. Balances cat
White Motor (guar.)
(au) 194 Oct. 2 Holders of rec. Sept. 191 were: National City Bank, $24,554,000; Bankers Trust Co., $690,000;Trust Co.,
Equitable
Whitman (William) Co., Inc., pref.
Oct. 2 Holders of rec. Sept. 22a
2
: Farmers' Loan & Trust Co., $59,000;
Sept. 21 1922.
Will dr Baumer Candle, pref. (quar.)_
of
As
d
2 Holders of rec. Sept. 23a Trust Co., $18,422,000
included.
Oct.
not
branches
134
$2.374,000. c Deposits in foreign
Wilson & Co.. pref.(quar.)
Oct. 2 Holders of rec. Sept.25
2
Winnsboro Mills, corn. (quar.)
institutions
114 Oct. 2 Holders of rec. Sept.25
different groups of
Preferred (quar.)
The reserve position of the
of
20
*Holders
Oct.
30a
Sept.
rec.
*14
week and the actual
Wisconsin Pow., Lt. dr Ht., pref. (quar.)
194 Oct. 2 Holders of rec. Sept. 1 la
both the averages for the
of
basis
(quar.)pref.
the
Co..
on
W.)
(F.
Woolworth
following two
Oct. 2 Holders of rec. Sept. 20a
IA
the week is shown in the
Worthington Pump & Mach., pf. A (qu.)
yi
Oct. 2 Holders of rec. Sept. 20a condition at the end of
Preferred B (quar.)
Oct. 1 Sept.26 to Sept.30
50e.
tables:
-(monthlY)
corn.
Wrigley (Wm.) Co..
50c. Nov. 1 Oct. 26 to Oct. 31
OF CLEARING HOUSE BANKS
Common (monthly)
50c. Dec. 1 Nov. 26 to
Nov. 30
STATEMENT OF RESERVE POSITION
Common (monthly)
AND TRUST COMPANIES.
50c. Jan. 1 Dec. 26 to Dec. 31
Common (monthly)
Wurlitzer(Rudolph) Co.Dec. 1 Holders of rec. Nov. 21
2
Averages.
Eight per cent preferred (guar.)
Marl'23 Holders of rec. Feb.19'23
2
Eight per cent preferred (quar.)
J'nel'23 Holders of rec. May 22'23
2
a
Reserve
Cash
Eight per cent preferred (quar.)
Surplus
1
Oct. 1 Holders of rec. Sept. 21
Reserve
Total
in
Reserve
Seven per cent preferred (quar.)
Resirve.
194 Jan1'23 Holders of rec. Dec. 22
Required.
Reserve.
Depositaries
Vault.
Seven per cent preferred (attar.)
Lea
of
Holders
Aprl'23
rec. Mar. 22
13-4
(quar.)
preferred
cent
Seven per
5
Oct. 2 Holders of rec. Sept. 18
$
$
$
$
Yale & Towne Mfg. (quar.)
$
75c. Oct. 2 Holders of rec. Sept. 20a
Members Federal
513,381,000 513,381,000 507,902,150 5,478,850
Youngstown Sheet & Tube, coin. (qt1.)Reserve banks_ _ _ _
1 A Oct. 2 Holders of rec. Sept.20a
487,320
8,491,680
8,979,000
3,544,000
5,435,000
Preferred (guar.)
82,700
State banks*
2,303,000 5,353,000 7,656,000 7,593,300
York Stock Exchange has ruled that eue k
Trust companies.. _
• From unofficial sources. t The New and not until further notice. a 1ran.fur
date
this
6,028,870
on
523,987,130
530,016,000
dend
ex-divi
522,278,000
will not be quoted
7,738,000
CorrectionLess British Income tax.
Total Sept. 23_ __ _
541,016,000 548,032,000 528,734,990 50,821,010
books not closed for this dividend.
Total Sept. 16......, 7.016,000 522,005,000 529,366,000 514,665,140 14,700,860
.2 Payable In scrip. 11 On
common stock
7,361,000
.
Total Sept. 9_ _ _
s Payable in stock. !Payable In Payable In Liberty or Victory Lean bond
527,232,000 334,34-1.000517,627,540 16,710,400
7,142,000
f
_
dividends.
_
2
d
Sept.
Total
accumulate
account of
Bank.
Payable In Canadian fends
• Not members of Federal Reserve demand deposits in the Case of State banks
Payable in New York funds. k
net
a This Is the reserve required on
Sept. 30 1921.
and
30
June
m For quarters ending
In the case of members of the Federal Reserve Bank Inbut
companlea,
trust
and
on net time deposits, which was as follows:
on or before Sept. 4 will be in time for
cludes also amount In reserve required
s All transfers received in order in London
$12,869,400; Sept. 9, 513,154,360; Sept. 2,
Sept. 23, 512,016,890; Sept. 16,
payment of dividend to transferee.
each.
.
cents
.$13,231,590
75
I Made op of two quarterly dividends of
•
SEPT. 301922.]
TH M
CHRONICLE
Actual Figures.
Reserve
Cash
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust companies_ _ _ _
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
s
13
$
542,661,000 542,661,000 503,553,980 39,107,020
5,534,000 3,493,000 9,027,000 8,562,420
464,580
2,282,000 5,407,0001 7,689,0001 7,677,750
11.250
$
7,816,000 551,561,000 559,377,000 519,794,150 39,582,850
Total Sept. 23_
7,112,000 572,444,000 579,556,000 532,647,060 15,384,940
Total Sept. 16
7,517.000 537,766,000,544,283,000,511,578,790 33,704,210
Total Sept. 9_
7,055.000 533,772,0001542,827,000i 516,e63,810 26,103,190
Total Sept.
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Sept. 23.
$12,026,190; Sept. 16, $13,057,530; Sept. 9, $13,175,820; Sept. 2, $13,201,740.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
1509
Sept. 27
1922.
Changes from
previous week.
Capital
59,520,000
Surplus and profits
87,004,000 Inc.
Loans, dIsc'ts & investments_ 838,507,000 Dec.
Individual deposits, Incl. U.S. 602,279,000 Dec.
Due to banks
116,932,000 Dec.
Time deposits
118,382,000 Inc.
United States deposits
10,990,000 Dec.
Exchanges for Clearing House 20,128,000 Dec.
Due from other banks
64,284,000 Dec.
Reserve in Fed. Res. Bank
70,811,000 Inc.
Cash in bank and F. R. Bank
9,730,000 Dec.
Reserve excess in bank and
Federal Reserve Bank __ _
3,135,000 Inc.
Sept. 20
1922.
Sept. 13
1922.
59,520,000 59,520,000
253,000 86,751,000 84.665,000
1,112,000 839,61S,000 834,665,000
2,537,000 604,813,000 598,787,000
5,796,000 122,728,000 116,713,000
169,000 118.213.000 118,590,000
1,298,000 12,288,000 11,069,000
2,360,000 22.488,000 19,672,000
5,596,000 69,880,000 65.710.000
80,000 70,731,000 69.432,000
32,000 9,762,000 10,042.000
135,000
3.000,000
2,152,000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Sept. 23, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding,
is given below. Reserve
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
are
10%
on
demand deposits and 3% on time deposits, all
Differences from
previous week.
Sept. 23.
to be kept with the Federal Reserve Bank. "Cash in
Loans and Investments
$736,387,100 Dec. 19,816,100 vaults" is not
a part of legal reserve. For trust companies
Gold
4,085,500 Dec. 1,767,600
Currency and bank notes
214,900 not members of the Federal Reserve System the reserve
18,057,500 Dec.
Deposits with Federal Reserve Bank of New York_ 64,200,000 Dec. 1,976,100
required is 10% on demand deposits and includes "Reserve
Total deposits
773,970,000 Dec. 24,527,900
Deposits, eliminating amounts due from reserve dewith legal depositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N. Y. City exchanges and U. S. deposits 728,619,500 Dec. 21,793,800
Reserve on deposits
Week ending Sept. 23 1922.
116,480,300 Dec. 5,640,000
Percentage of reserve, 19.6%.
Sept. 16. Sept. 9.
Two Ciphers (00) omitted. Membersof
RESERVE.
Trust
1922.
1922.
FR System Companies
Total.
Stale Banks
- -Trust Companies
Cash in vault
*$11,761,700
7.15%
2.41%
310,381,500
Capital
$35,175,0
and
trust cos_ _ 22,758,100 13.83%
Deposits in banks
$4,500,0 $39,675,0 339,675,0 $39,675,0
71,579,000 16.65%
Surplus and profits
97,937,0 14,063,0 112,000,0 110,739,0 110,208,0
Loans. disc'ts & investmls 644,474,0 39,615,0 684,089,0 687,264,0 679,068,0
Total
$34,519,800 20.98%
$81,960,500 19.06%
Exchanges for Clear.House 26,932,0
559,0 27,491,0 28,090,0 25,558,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Due from banks
91,679,0
22,0 91,701,0 92,643,0 88,312,0
Bank deposits
State banks and trust companies combined on Sept. 23 were $64,200,000.
119,095,0
510,0 119,605,0 120,325,0 118.445,0
Individual deposits
517,567,0 2.5,175,0 542,742,0 550,604.0 540.016,0
Time deposits
20,105,0
523,0 20,628,0 20,376,0 20,295,0
Total deposits
656,787,0 26,208,0 682,975,0 691,305,0 678.756,0
S. deposits (not incl.).
9,277,0 10.717,0
9,277,0
7,860,0
Banks and Trust Companies in New York City.-The U.
Res've with legal deposit's_
3,328,0
3,328,0
3,781,0
3,898,0
averages of the New York City Clearing House banks and Reserve with F.R. Bank_ 55,287,0
55,287,0 54,435,0 56.186,0
Cash in vault*
1,014,0 10,153,0 10.195,0
9,139,0
9,924,0
trust companies combined with those for the State banks Total
reserve and cash held
64,426,0
4,342,0 68,768,0 68,411,0 70.008,0
and trust companies in Greater New York City outside of Reserve required
54,130,0
3,791,0 57,921,0 58,668,0 57,910,0
Excess res.& cash in vault_
10,296,0
551,0 10,847,0
9,743,0 12,098,0
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK
WeekendedJune 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
8ent. 23
Loans and
Investments.
Demand
Deposits.
$
5.372,704,700
5,408,101,600
5,372,704.700
5.491,415.000
5,370.259,900
5,457,357,300
5,421,565.700
6,408,203.300
5,350,876.600
5,406.610.600
5,383,432,700
5,372,803,000
5.334,972,100
5.311,517,600
5.297,744,400
5,297,309,200
5.538.205.100
$
4,853,005,100
4,852,544,100
4.853.005,100
4,980.544,500
4.816.507,000
4,808.047.500
4,792,536,500
4,762,119,600
4,700,542,500
4,714,814,300
4,646,854,700
4,613,652.41)0
4,599,909,500
4,596.237.500
4,586,272,800
4,615,838.300
4.840.919.500
Reserve in
Depositaries.
*Total Cash
in Vaults.
$
91.486,700
93.253,000
91.486,700
90,155,600
88,730,000
92.436.900
95,874,700
88,862,800
89,033.900
87.948,700
89,403,600
86.4'9,S))))
86.492.800
86,250,400
88,948,400
90,326,700
86.359.200
$
646,059,900
660,162.300
646,059,900
663,100,900
657,840,800
651,619,800
717,627,500
701,290,800
697,796,200
700,127.900
622,177,400
618.135 00);
609,486,700
619,003,20c
616.544,100
625.919,60(
680.815.10C
•This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
•
•
4
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 27 1922 in
comparison with the previous week and the corresponding
date last year:
Sept. 27 1922. Sept. 20 1922. Sept. 28 1921
Resouretd-
Gold and gold certificates
Gold settlement fund-F. R. Board
157,403,618
119,650,602
161,746,781
66,571,574
348,566,000
88,847,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
277,060,221
771,841,398
7,694,017
228,318,356
811,993,598
9,089,107
437,413,000
576,066,000
15,000,000
Total gold reserves
Legal tender notes, silver, &a
1,056,595,636 1,049,401,062 1,028,479,000
38,334,034
41,941,312
61,319,000
Total reserves
1,094,929,670 1,091,342,375 1,089,798,000
Bills discounted: Secured by U. S. Government obligations-for members
18,048,182
24,750,144
For other F. R. banks
10
6,712:::0
0(41
All other-For members
26,621,624 146,628,000
21,885,901
For other F. R. Banks
3,605,000
Bills bought In open market
72,014,261
80,545,330
17,605,000
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing HOUSO
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
Total bills on hand
127,181,376
U. S. bonds and notes
56,549,350
U. S. certificates of IndebtednessOne-year certificates (Pittman Act)_
12,500,000
Allother
71,758.500
116,684,068
41,586,350
274,775,000
3,027,000
12,500,000
73,999,000
49,276,000
9,021,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
Total earning assets
267,989,226
Bank premises
9,643,905
5% redemp. fund aget. F. R. bank
624,060
notesUncollected Items
131,105.510
All other resources
2,223,470
244,769,4/8
9,643,373
674,060
149,670,598
2.008,519
336,099,000
5,594,000
1,596,000
106,992,000
3,084,000
I
Net Loans,
,apital. Profits. MsReserve
CLEARING
Net
Net
Nat'l
counts, Cash
with Demand Time Bank
NON-MEMBER ;
Nat.hks.June30 Investin
Legal
DeDe- CiscuWeek ending - tatebksJune30 meats. Vault. Deport- posits, posits, fatten.
tories.
r. cos. June 30 Ste.
Sept. 23 1922.
Members of
Fed'i Res. Bank
Battery Park Nat
W R Grace & Co..
3
1,500
. 1
Average Average Average Average Average Average
$
$
$
$
$
$
$
1,191 10,311
211 1,197
7,902
345
198
24
49'
1,245 10,914
1,403 8,521
2,011
2,435 21,225
235
1,692
9,305
8,866
Not Members of Fed. Res've Bank.
State Banks
630
303
315 5,052
200
Bank of Wash. H
goo 1,715 17,385 2,175 1,383
Colonial Bank_ _ _
5,052
18,348
559
1,686
23,400
559
Total
•
• Cash in vauhs not counted as'reserve for Federal Reserve members.
Total
1,000
2,030 22,437
2,805
Butt
,i
Trust Companies Not Mel mbers of Fed. Res've
7
Mech.Tr..Bayonn
606 8,77
200
97
401
Total
606 8,774
200
3,227
3,475 a35,932 14,973
-39
+235 +152
Gr'd aggr. Sept. 1 3
,e. Sept. )
Geo
Gr'd uggr. Sept. 1
aggr. Aug.2 i
3,492
3,309
3,293
3.276
3,514
3,524
3,414
3,548
51,923
51,196
51,041
50.989
14,821
14,724
14,449
13,823
a U. S. deposits deducted, $160,000.
Bills payable, rediscounts, acceptances and other liabilities, $465,000.
excess reserve, $160,780 decrease.
27,772,350
60,197,127
27,767,400
60,197,127
27,088,000
59,318,000
2,596.007
690,325.535
11,171,664
21,153,993
655,2135,911
10,830,587
12,645,000
667.054,000
11,741,000
Total deposits
704,093,207 687,250,491 691,440,000
F. R. notes In actual circulation
604,480,982 605,185,680 631,130,000
F. R.bank notes In eirourn-net liability
9,842,200
27,434,000
Deferred availability items
94,987,354 10_ .,
82,417,000
All other liabilities
5,030,996
5,142,623
24,336,000
_
Total liabilities
_1,506,515,844 1,498,108,345 1,543,163,000
?, ig:Vg
83.7%
84.4%
82.4%
10,084,569
11,018,415
12,563,321
5,548
3,441
-51
a35,697
n34,801
a35,187
858,294
1,506,515,844 1,498.108,345 1,543,163,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
I
3,227, 5,548
Grand aggregate_
5,072 52,436
Corenarlson with )revious week- - +513
3,200 5.072
3.200 5,072
3.200 5,072
3.200 5.072
198
Total resources
LiaOtiuiesCapital paid in
Surplus
Deposits:
Government
Member banks-Reserve account _ AU other
198
_1
199
200
199
199
CURRENT NOTICES.
"The Joneses and the Browns" is the interest-compelling title of a
booklet Just published by Herkins & Co., 115 Broadway, New York. It
presents in attractive form the advantages of purchasing high-grade
investment bands on the partial payment plan offered by this house.
-P.R. Lawson.formerly of P. R. Lawson & Co., is now connected with
the public utility bond trading department of Rutter & Co., 14 Wall
St.
New York.
[vol.. 115.
THE CHRONICLE
1510
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
showing the condition
The following is the return issued by the Federal Reserve Board Friday afternoon, Sept.29,and
first table we present the results for the system
of the twelve Reserve Banks at the close of business the previous day. In the with
those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks.
the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes betweenthe
return for the latest
comment upon
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's
week appears on page 1476 being the first item in our department of "Current Events and Discussions."
SEPT.27 1922
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED
RESOURCES
Aug. 16 1922. Aug. 9 1922. Sept. 21 1921
Sept. 27 1922. Sept. 20 1922. Sept. 13 1922. Sept.6 1922. Aug. 30 1922. Aug. 23 1922.
RESOURCES.
Gold and gold certificates
R.Board
Gold settlement,
272,000,000
592,494,000
F.
Total gold reserves
Legal tender notes. silver, dIc
Total reserves
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Municipal warrants
F. It.
281,408.000
525,340,000
$
285,316,000
530,135,000
314,391,000
481,333,000
306,286.000
474,662,000
300,470,000
520,556,000
293,751,000
534,420,000
428,036,000
411,210,000
780.948.000 795,724,000 839,246,000
864,494,000 811,483.000 807,748,000 815,451,000 828.171,000 821,026,000
2,238,893,000 2,233,430,000 1,777,529,000
2,160.522.000 2,202,258,000 2,219,162,000 2.206,488,000 2,197,658,000 2,197,316,000
94,353,000
46,593,000
42,489,000
43,420,000
37,585,000
38,914,000
40,324,000
48,127,000
51,927,000
2,711,128,000
3,066,434.000
3,061,762,000
3,071,643,000
3,076,943,000 3,061,868,000 3,067,234.000 3,060,833,000 3.063,414,000
131,424,000 130,534,000 151,968,000
126.184,000 128,002,000 130,204,000 125,854,000 132,474.000 130,902,000
3,197,858,000
3,202,177,000 2,863,096,000
3,192,664,000
3,203,127,000 3,189,870,000 3,197,438,000 3,186,687,000 3,195.888,000
125,440.000
117,777,000 495,156,000
125,738,000
133,651,000
139,102,000 133,021,000 123,960,000 130,447,000
892,081,000
281,078,000 290,886,000 263,213,000 274,636,000 270,717,000 264.189,000 257,045.000 264.384,000
33,514,000
166,488,000
146,803,000
149,600,000
171,706.000
188.365.000
238,116,000 220,267,000 204,663,000
556,415,000 532,085,000 528,964.000 1,420,751,000
658,296,000 644,174,000 591,836,000 593,448,000 576,074,000
38,081,000
196,418,000 202,973,000 199,746,000
229,158,000 213,585,000 198,835,000 207.514,000 193,750,000
67,500.000
69,000,000 184,875,000
66,000,000
63,000,000
56,500,000
55,000,000
52,000,000
50,500,000
8,571,000
218,144.000 222,965,000
171,788,000 173,399,000 243,045,000 244,178.000 241,220,000 222.342,000
4,000
9,000
21.000
21,000
21,000
18,000
16,000
15,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total earning assets
Bank premises
5% redemp. fund agst.
Uncollected items
All other resources
275,307,000
536,176,000
1,109,757.000 1,083,174,000 1,088,734,000 1,101,661,000 1,074,065,000
43,456,000
43,636.000
43,808,000
44,392,000
44,473,000
6.567.000
4,698,000
4,742,000
4,483,000
3.917,000
bank notes
593,911,000 669,563,000 661,605,000 576,078.000 510,807,000
17,841,000
18,193,000
18,520,000
14,194,000
15,076,000
1,041,196,000 1,020,711,000 1.020,679,000 1,652,278,000
29,111,000
42,804,000
43,296.000
43,344,000
8,917,000
6,679,000
6.640.000
6,572.000
530.240,000 593,930.000 522.392,000 591,811,000
16,448,000
16,449,000
16,666,000
17,410,000
4,970,261,000 5,005,676,000 5,014,847,000 4,930,953,000 4,848,624,000 4,831,426,000 4,879,101,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits—Government
Member banks—reserve account
All other
106,172,000
215,398,000
106,177,000
215,398,000
106,070,000
215,398,000
106,085,000
215,398,000
106,086,000
215,398,000
4,811,180,000 5,161,661,000
105,730,000
215,398,000
105,983,000
215,398,000
106,041,000
215,398,000
103,017,000
213,824,000
71,1-8-3-,666
27,880,000
32.935,000
43,972,000
51,553.000
37,730,000
39,294,000
57,019,000
19,945.000
1,588,209,000
1,797,075,000 1,774.997,000 1,811,237,000 1,796,081,000 1,807,008,000 1,785,489,000 1,790,260,000 1,783,539,000
29,218,000
24,384,000
23,770,000
22.390,000
23,125.000
22,986,000
21,773.000
22.213,000
21,572,000
1,691,610,000
1,835.803,000
1,846.965,000
1.851,851,000
1,881,686,000
1,856,797,000
1,840.133,000 1,853,789,000 1,872,103,000
2,474,676,000
Total
2,243,384,000 2,218,764,000 2,213,615,000 2,211,889,000 2,153.181,000 2,146,674,000 2,142.303.000 2,147,223,000 103,590,000
R. notes In actual circulation
60,547,000
58.130,000
56,953,000
53.960,000
52.793,000
46,834,000
46,065,000
50,222,000
503.174,000
F.R.bank notes in circulation—net liab.
424,691,000
488,613,000
432,286.000
495,471.000 541,633,000 534,674,000 465,764,000 415,762,000
71,770,000
Deferred availability items
21,788,000
21.709,000
22,223,000
22.551,000
22,227,000
23.638,000
23,081,000
22,765,000
All other liabilities
5,161,661,000
4,811,180,000
4,879,101,000
4,970,26,1,000 5,005.676,000 5,014,847,000 4,930,953,000 4,848,624,000 4,831,426,000
Total liabilities
65.1%
Ratio of gold reserves to deposit and
78.9%
76.9%
76.6%
75.9%
75.2%
75.3%
75.1%
75.2%
F. R. note liabilities combined
68.7%
Ratio of total reserves to deposit and
80.4%
80.2%
79.8%
79.2%
78.3%
78.4%
78.3%
78.3%
R. note liabilities combined
F.
F.
Distribution by 2tfaturittes1-15 days bill bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
45,646,000
183,639.000
3,911,000
1,000
23,586,000
36,515.000
1,400,000
19,782,000
801,282,000
12,669,000
36,510,000
71,378,000
51,316.000
3,000
37,423,000
57,275,000
35,021,000
6,677,000
240,134,000
9,801,000
3,638,000
33.354,000
200,317,000
161,000
32,889,000
116,489,000
Federal Reserve Notes—
Outstanding
Held by banks
2,653,544,000 2,636,112,000 2,652,313,000 2,639,293,000 2,603,919,000 2,601,281,000 2,590,069,000 2,581,583,000
410,160,000 417,348,000 438,698,000 427,404,000 450,738,000 454,607,000 447.766.000 434,360,000
2,817,678,000
360,482,000
2,243,384,000 2,218,764,000 2,213,615,000 2,211,889,000 2,153,181,000 2,146,674,000 2.142.303.000 2,147,223,000
2,457,196,000
In actual circulation
55,875,000
225,972.000
9,034,000
53,496,000
51,960,000
22,552,000
53,112,000
230,408,000
11,712,000
1,000
42,809,000
47,642,000
19.662,000
56,155,000
195,219,000
38,721,000
3,000
38,938.000
49,268,000
8,336,000
60,514,000
76,305.000
2,631,000
3,000
53,524,000
47,102,000
68,932,000
64,992,000
81,042,000
8,890,000
3,000
49,439,000
45,372,000
63,787,000
63,931,000
77,490,000
35,604,000
3,000
38.298,000
43,476,000
3,398,000
14,707,000
18,841,000
119,139,000
12,000
9,915,000
19,443,000
121,348,000
12,000
7,341,000
21,720.000
211,986,000
12,000
55,118,000
206.038.000
39,928,000
45,053,000
200.952.000
11,069,000
43,565,000
190,786,000
1,470,000
36,063,000
181,367.000
2,400,000
34,463,000
55,179,000
7,624,000
9,000
61,105.000
78,259,000
38,380,000
33,228.000
44,391,000
32,559,000
6,000
53,998,000
81,740,000
34,287,000
34,756,000
42.579,000
1,498.000
36,022,000
50,962,000
10,420.000
3,000
3,405,000
26,323,000
215.845,000
12,000
25,201,000
39,177,000
39,018.000
3,000
50,942,000
79,993,000
39,432,000
3,000
42,925,000
52,232.000
8,084,000
3,000
3,855,000
27,739,000
200,338,000
12.000
23,083.000
42.787.000
36,169.000
2.000
46.462.000
70,655.000
14,624.000
4.000
39,178,000
56,242.000
34,284.000
3,000
4,814,000
31,434,000
198,167,000
2,923.000
23.028,000
213,248,000
12,000
8,582,000
162,980,000
15,708,000
3,687,000
165,618,000
33,107,000
3,388,980.000 3,379,246,000 3,379,538,000 3,373,411,000 3,350,954,000 3,650,957,000
Amount chargeable to Fed. Res. Agent 3,466.366,000 3,472,244,000 3,444,730,000 749,687,000 775,327,000 778,257,000 783.342,000 769,371,000 833,279,000
812,822,000 836,132,000 792,417,000
In hands of Federal Reserve Agent
2,817,678,000
2,653,544,000 2,636,112,000 2,652,313,000 2,639,293,000 2,603,919,000 2,601,281,000 2,590,069,000 2,581,583,000
Issued to Federal Reserve banks
447,337,000
416,508,000 416,507,000 416,508,000 416,522,000 416,522,000 416,522,000 416,522,000 416,522,000 1,058,613,000
493,022,000 433,854,000 433,151,000 432,825,000 406,261,000 403,965,000 351,176.000 348,153,000 110,566,000
124,938,000
130,531,000
128,675,000
122.088.000
133,652,000 132,617,000 126,505,000 124,654,000
1,201,162,000
1,610.362,000 1,653,134,00011,876,149,000 1,665,292,000 1,659.048,000 1,652,119,000 1,691,840,000 1,691,970,000
2,817,678,000
2,581,583,000
2,590.069,000
2.601,281,000
2,653,544,000 2,636,112,000!2,652,313,000 2,639,293,000 2,603,919,000
Total
515,411,000 1,398,753,000
Agent_ 643,693,000 630,172,000 580,211,000 578,210,000 563,226.000 545.245,000 512.927,000
Eligible paper delivered to F. R.
SEPT. 27 1922
OF
BUSINESS
AT
CLOSE
BANKS
RESERVE
RESOURCES AND LIABILITIES OF EACH OF TIIE 12 FEDERAL
WEEKLY STATEMENT OF
Total.
Dallas. San Fran.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louts. Ilinneap. Kan.Ctty.
Two ciphers WO) omitted.
Federal Reserve Bank of—
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
S
Total gold reserves
Legal tender notes,silver, &c
Total reserves
Bills discounted: Secured
U.S. Govt. obligations
All other
bought In open market
BIM
s
$
$
s
$
260,242,0 1,094,930,0 221,421,0 268,815,0 111,815,0 134,052,0 562,063,0 87,297,0
by
8,526,0
16,914,0
15,857,0
41,297,0
Total bills on hand
11,982,0
U. S. bonds and notes
IT. S. certificates of indebtedness
3,250,0
Acth
(Pittman
ars.
One-year
12,681,0
All other
Municipal warrants
AO 2in n
s
s
$
157,404.0 6,049,0 13,719,0 3,805,0 5,433,0 25,698,0 4,133,0 7,464,0
119,657,0 43,522,0 66,618,0 37,996,0 27,516,0 117,372,0 17,192,0 23,164,0
277,061,0 49,571,0 80,337,0 41,801.0 32,949,0 143,070.0 21,325,0 30,628,0
771,841.0 149.402,0 176,355,0 58,969,0 93.868,0 389,597,0 56,529,0 32,361,0
1,674,0
7,694,0 7,575,0 3,371,0 3,556,0
1.472.0 9,593,0 1,665,0
— —-' 252,042,0 1,056,596,0 206,548,0 260,063,0 104,326.0 128.289,0 542,260,0 79,519,0 64,663,0
849,0
38,334,0 14,873,0 8,752,0 7,489,0 5,763,0 19,803,0 7,778,0
8,200,0
RESOURCES.
15,874,0
Gold and gold certificates
13'd 53,145,0
Gold settlement fund—F. R.
69,019,0
Total gold held by banks
174,715,0
Gold with F. R. agents
8,303,0
Gold redemption fund
$
s
s
2,774,0 9,475,0 20,172,0
30,698,0 20,595,0 35,019,0
33,472,0 30,070,0 55,191,0 864,494,0
53,375,0 25,270,0 178,240,0 2,160,522,0
1,617,0 1,384,0 4,048,0
51,927,0
88,464,0 56,694,0 237,479,0 3,076,943,0
3,795,0 6,164,0 4,384,0 126,184,0
6,512,0 92,259,0 62,858,0 241,863,0 3,203,127,0
24,750,0 28,928,0 20,333,0 12.403,0 2 753 0 17 629,0 7,142,0 2,049,0 3,154,0 1,661,0 9,774,0
21,886,0 10,485,0 12,186,0 27,2900 31,685;
; 400286, 18,359,0 24,142,0 19,205,0 28,483,0 30.157,0
0
75,0 4,868,0 40,928,0
80,545,0 24,205,0 37,862,0
671,0 4,247,0 15,940,0 12,918,0
22,434,0
35,012,0 80,859,0
26,191,0
38,419,0
127,181,0 63,618,0 70,381,0 40,364,0 38,685,0 73 855,0
56,549,0 23,626,0 27,639,0 1,241,0
1400 8;300,0 18,761,0 12,885,0 27,537,0 2,816,0 37,682,0
12,500,0
71,759,0
3,000.0 3,000,0
5,809,0 29,059,0
3,460,0
3,499,0 6,667,0
2,031,0 17,694,0
nnm n
AA .1MK ',inn rIn n
3,571,0
4,311,0
3,000,0 3,821,0
3,056,0 13,011,0
15.0
_
270)A 0n_011 n 120 070,
AM
i'M APO
n
s
272,000,0
592,494,0
AM 1A7
n
nn stn, n
1,900,0 2,832,0
915,0 11,462,0
139,102,0
281,078,0
238,116,0
658 296 0
229,158:0
50,500,0
171,788,0
15,0
,,.. ...- -
.
Ann,'
.
•
•
.
..-- --- _
.j '' 1,
•
SEl'T. 30 1922.]
RESOURCES (Concluded)Two ciphers (00) omitted.
THE CHRONICLE
Boston.
New York.
$
5,251,0
Bank premises
S% redemption fund against Fed422,0
eral Reserve bank notes
53,158,0
Uncollected items
488,0
All other resources
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acet
All other
$
9,644,0
Phila.
$
603,0
1511
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
6,409,0
$
2,571,0
$
1,741,0
S
7,703,0
S
952,0
$
959,0
$
5,060,0
$
2,094,0
Total.
$
1,486,0
$
44,473,0
239,0
188,0
624,0
250,0
468,0
665,0
223,0
198,0
400,0
146,0
94,0
131,105,0 48,958,0 54,429,0 50,611,0 22,965.0 72,862,0 37,193,0 14,963.0 39,746,0 27,438,0 40,483,0
2,223,0
1,105,0 1,072,0
490,0
150,0
459,0
493,0 1,327.0
633,0 1,918,0 4,718,0
3,t•17,0
593,911,0
15,076,0
388,771,0 1,506,515,0 367,775,0 461,076,0 211,322.0 203,731,0 750,268,0 191,220,0 128,106,0 204,901,0 135,097,0 421,479,0
4.970,261,0
8,090,0
16,483,0
1,225,0
122,663,0
421,0
124,309,0
Total deposits
F. R. notes in actual circulation_ 193,427,0
F. R. bank notes in circulation_.
2,606,0
net liability
42,331,0
Deferred liability items
1,525,0
All other lishilities
388.771,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
81.9
Contingent liability on bills purmm.-.,3 tnr foreign corrcsnondt's 1.990.0
27,772,0 9,194,0 11,689,0 5,622,0 4,324,0 14,744,0 4,787,0 3,562,0 4,571,0 4,199,0 7,618,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,468,0 9,646,0 7,394,0 15,199,0 106,172,0
215,398,0
2,596,0
735.0 1,415,0 1,619,0
1,714,0
1,151,0 1,661,0 1,088,0 2,028,0 2,210,0 2,500,0
19,945,0
690,325,0 109,007,0 152.520,0 57,394,0 47,713,0 255,527,0 59,084,0 45,310,0 78,148,0 49,437.0 130,347,0
1,797,975,0
11,172,0
1,136,0
234,0
616,0
206,0
1,256,0
616,0
262,0
548,0
213,0 5,533,0
22,213,0
704,093,0 110,358,0 155,071,0 59,247,0 49,633,0 257,937,0 61,361,0 46,660.0 80,724,0 51,860,0 138,880,0
604,481,0 184,211,0 218,691,0 85,506,0 118,226,0 383,081,0 76,952,0 52,762,0 63,902,0 41,284,0 219,861.0 1,840,133,0
2.243,384,0
9,842.0 2,508,0 2,934,0 2,667,0 3,094,0 5,977,0 3,505,0 2,376,0 6,688,0 2,338,0 1,530,0
46,065,0
94,937,0 41,905,0 45,117,0 45,097,0 18,147,0 56,135,0 34,284,0 13,896,0 38,196,0 26,330,0 36,046.0
495,471,0
5,143,0
1,143,0
1,654,0 2,065,0
1,193,0 3,369,0
1,174,0 1,692,0 2,345,0
943,0 1,382,0
23,638,0
----1,506,515,0 367,775,0 461,076,0 211,322,0 203,731.0 750,268,0 191,220,0 128,106,0 204.901,0 135,097,0 421,479,0
1,970,261,0
S3.7
75.2
71.9
76.7
79.9
87.7
63.1
65.9
63.8
67.5
67.4
78.4
10.085.0
2.181.0
2.235,0
1,336,0
1,009.0
3,244,0
1,281.0
736,0
1,308,0
709,0
1.254,0
27.368.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 27 1922.
Federal Reserve Agent at-
Boston. New York Phila.
Resources(lit Thousands of Dollars)
S
Federal Reserve notes on hand
84,800
Federal Reserve notes outstanding
207,402
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
5,300
Gold redemption fund
16,415
Gold fund-Federal Reserve Board
153,000
Eligible uaperfAmount required
32,687
lExcess amount held
8,610
Cleve. Richm'd i Atlanta Chicago. &Louis Minn. K.City. Dallas. San Fr.
S
Total.
$
347,410 42,220 28,020 32,590 70,774
850,725 203,350 232,352 92,598:124,014
80,840 26,930 10,840 13,450 15,838 59,110 812,822
421,612 91,554 55,492 73,162 45,950 255,333 2,653,544
363,184
37,657 14,513
371,000 134,889
73,534 53,048
42,769 3,303
13,275
2,400
13,080 3,174 5,468
150,000 55,795 86,000
55,997 33,629 30,146
13,332 6,158 8,378
11,610 13,052
7,687
416,508
15,953 3,619 1,309 4,015 2,583 15,866 133,652
373,644 41,300 18,000 49,360 15,000 162,374 1,610,362
32,015 35,025 23,131 19,787 20,680 77,093 493,022
41,817 3,369 2,598 2,647 14,324 3,366 150,671
Total
508,214 2,091,629 452,223 506,056 223,944 327,180
Liabilities-Net amount of Federal Reserve notes received from
Comptroller of the Currency
292,202 1,195,135 245,570 230,372 125,188 194,788
Collateral received from f Gold
174,715 771,841 149,402 176,355 58,969 63,368
Federal Reserve BankjEligible paper
41,297 121,653 57,251 69,329 39,787 38,524
- -Total
508,214 2,091,629 452,223 506,056 223,944 327,180
965,881 213,407 124,422 162,421 122,062 573,142 6,270,581
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
502,452 118,484 66,332 86,612 61,788 314,443 3,466,366
389,597 56,520 32,361 53,375 25,270 178,240 2,160,522
73,832 38,394 25,729 22,434 35,004 80,459 643,693
965,8131 213,407 124,422 162,421 122,062 573,142 6,270,581
207,402
13.975
850,725 203,350 232,352 92,593 124,014
246,244 19,139 13,661 6,092, 5,788
421,612 91,554 55,492 773,162 45,950255,333 2,653,544
38,531 14,602 2,730 9,260 4,666 35,472 410,160
193,427
604,431 184,211 215.6911 86,506118,226
383,081 76,952 52,762 63.902 41.284 219,861 2,243,384
WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and
liabilities of the 790 member banks,from which weekly returns are obtained. These figures are always a week behind
those
for the Reserve Banks themselves. Definitions of the different items in th3 statement were given in the statement of Doc. 14
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 1476.
1. Data for all reporting member banks in each Federal Reserve District at close of business September
20 1922. Three ciphers(000)omitted.
,leveland Richm'c1. Atlanta. Chicago. St. Louis Minneap.Ka
Federal Reserve District.
Boston. New York Philadel.,
n. City Dallas. SanFran.! Total.
-84
Nomber of reporting banks
49
56
105
79
40
109
37
33
79
51
68
790
Lo ins and discounts, including bills reS
discounted with F. R. bank:
S
$
$
S
$
$
$
S
$
$
$
$
29,462
10,132
16,739
14,377
Mans see. by U. S. Govt. obligations_
88,325
7,100
40,402
16,014
8,318
10,159
4,125
21,066
266,199
..oans secured by stocks and bonds
220,430 1,653,812 240,903 337,235 117,030
57,243 511,461 121,909
39,015
68,962
41,713 145,834
311 other loans and discounts
574,174 2,224,573 321,117 646,522 306,654 302,306 1,000,030 275,498 194,833 349,097 205,928 716,202 3,555,600
7,117,434
----- - - - Total loans and discounts
808.9413,966,710 578,762 1,013,289 433,816 367,149 1,551,893 413,421 242,166
428,218 251,766 883,10210.939,233
U. S. bonds
58,278 159,931
96,461 568,001
59,557
28,560 136,498
36,542
23,491
57,902
34,409
121,115 1.381,695
U.S. Victory notes
2,549
1,770
1,766
16,212
234
611
4,458
4.620
1,340
286
528
5,179
39,553
U. S. Treasury notes
23,925 401,264
35,831
26,636
4,954
3,146
61,519
8,220
9,303
12,140
8,558
24,775
630,304
U.S. certificates of indebtedness
7,830
66,784
12,343
11,403
5.703
9,382
37,871
9,268
8,155
7,474
13,192
22,497
211,902
ot ter bonds, stocks and securities
169,058 761,881 184,778 281,314
55,779
33,493 410,707
85,295
26,832
7,502 160,215 2,236,854
60,000
Total loans, disets At investments, incl
tills rediscounted with F. It. Bank
1,107,9855,780,852 863,346 1,503,587 560,043 442,341 2,212,946
557,366 310,452 572,792 310,948 1,216,88315,439,541
Reserve balance with F. R. Bank
84,604 592,685
73,510 103,079
33,553
32,930 196,956
37.174
24,157
47,603
25,673
86,976 1,338,900
Cashin vault
19,746
87,869
15,103
28,891
16,613
8,823
52.386
6,829
6,101
11,935
10,079 • 19,753
283,12
Net demand deposits
805,2444,841,689 696,911 874,927 324.031 251,144 1,437,360
ne deposits
246,186 782,193
55,180 504,634 144,747 154,747 701,755 319,479 194,741 440,124 221,778 644,33711,060,76r
170,895
80,772 117,555
64,557 552,075 3,575,290
1
1 vernment deposits
11,909
51,074
10,755
14,098
4,529
4,621
18,030
6.476
6,598
5,563
3,668
11,128
148,44f.
BilIs payable with Federal Reserve Bank:
3ecured by U. S. Govt. obligations
2,089
11,169
9,731
10,788
7,516
2,044
6,529
4,307
889
1,330
65
5,585
62,04'4
111 other
145
__
170
311
Bilis rediscounted with F. R. Bank:
iccured by U. S. Govt. obligations
58
228
105
77
100
56
41
7
44
6
97
811
16,343
kli other
22,449
6,849
5,981
8.307
9,263
10,201
5,289
2,305
3,901
4,600 , 5,148
100,631
2. Data of reporting member banks in Federal Reserve Bank and
branch cities and all other reporting banks.
•
New York City.
Three ciphers (000) omitted.
City of Chicago.
All F. R. Bank Cities. F. R. Branch
Cities. AllOtherReport.Bks.
Total.
Sept. 13. Sept. 20. Sept. 13. Sept. 20.
Sept. 13. Sept. 20'22Sept. 1322 Sept 21'21
268
269
209
209
313
313
790
791
810
Sept. 20. Sept. 13. Sept. 20. Sept. 13. Sept. 20.
•
64
64
50
50
Number of reporting banks
Loans and discounts, incl. bills redis$
$
$
S
counted with F. R. Bank:
$
77,728
78.217
31,285
34,083
177,627
Loans sec. by U.S. Govt. obliges'
Loans secured by stocks & bonds. 1,479,008 1,440,124 38(3,874 393,380 2,619,038
1,944,075 1,940,018 627,196 627,425 4,425,708
All other loans and discounts
---- ---- 3,500,3113,458,359 1,045,3551,054,888 7,222,373
Total loans and discounts
497,231 495,850
62,412
63,224
800,803
U. S. bonds
19,830
15,070
3,956
4,191
27.471
U. S. Victory notes
382,972
379.724
50,100
50,063
510,957
U. S. Treasury notes
63,165
60,023
20,372
13,641
134,249
U. S. certificates of indebtedness
567,433 575,3621 177,477 173,468 1,199,526
Other bonds, stocks and securities
- Total loans .3e disets ,SL invesets,
incl. bills redisc'ted with F. R. Bk.5,023.5404,992.290 1.359,672 1,359,475 9,395,379
544,822 578,337 141,220 145,619
956,645
Reserve balance with F. R. Bank
28,791
75,549
30,877
73,838
149,006
Cash in vault
4,347,4134.352.754 983,158 1,905,138 7,679,016
Net demand deposits
557,658 558,577 330,093 330,206 1,763,442
Ti me deposits
57,988
11,419
46,406
14,881
Government deposits
107,174
Bills payable with F. R. Bank:
6,480
2,454
6,455
905
28,378
Sec'd by U.S. Govt. obligations
All other
Bills rediscounted with F. R. Bank
486
Seed by U.S. Govt. obligations_ _
418
228
12,640
7,114
All other
19,281
2,258
60,845
Ratio of bills payable & rediscounts
with F. It. Bank to total loan
A8
0.4
and investments, Per vent
0.7
0.2
0.9
•
s
s
s
s
$
$
$
175,211
47,301
47,577
41,271
40,854
266,199
263,642
51 2,842
2,600,485 490,121 484,155 446,441 443,471 3,555,600 3,528,112 2,9' 9,307
4,431,624 1,397,240 1,391,511 1,294,486 1,280,491 7,117,434 7,103,626 7,9' 2,016
-7,207,321 1,934,062 1,023,243 1,782.198 1,764,816 10,939,233 10,895,380 11,5- 4,165
801,540 307,594 308,134 273,298 273,294 1,381,695 1,382,968
81 0,244
33,180
7,551
4,478
4,531
7,866
39,553
45,524
11 6,263
511,053
71,231
47,893
48,116
76,434
630,304
635,380
11 4.685
113.742
17,229
211,902
23,185
54,468
44.194
175,165
21 0,914
1,207,014 621,368 621,831 415,960 413,044 2,236,854 2,251,889 1,91 6,800
9,873,850 2,996,874 2,981,702 2,547,288 2,520,75415,439,541 15,376,306 14,9, 3,071
983,136 221,472 211,613 160,783 163,347 1,338.900 1,363,096 1,11 9,256
154.800
75,960
283,128
78,242
55,880
60,644
291,404
3( 1,445
7,732,142 1,778,952 1,804.614 1,602,797 1,608,151 11,060,76511,144,1)07 9.8: 3,196
1,767,123 1,046.360 104,143 762,494 756,548 3,575.296 3,563,814 2,9: 5,659
119,815
14,970
148,449
14,227
27,048
22,870
157,655
5,9,131
24,315
21,294
170
15,225
173
12,370
145
11,595
20
62,042
315
51,135
193
21 4,323
794
615
40,325
305
20,727
251
11,535
94
19,064
117
17,167
817
100,636
983
69,027
(5,286
0,277
0.7
1 d
0.0
1.2
1.1
1.1
0.8
5.8
[VOL. 115.
THE CHRONICLE
1512
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
41ankers7 Oazette
Wall Street, Friday Night, Sept. 29 1922.
Railroad and Miscellaneous Bonds.-Following the
general weakness of the stock market reported during the
latter part of last week, Monday's market was "steady to
firm" on a limited volume of business. On that day less
than 700,000 shares were traded in, but since Monday this
has increased to over 1,000,000 shares, and day by day the
market has been reported as "weak." Before the close on
Thursday there was a change in the tone, however, and some
recovery. When at the lowest rails had lost only an average
of about 2 points, and industrials, of course, somewhat more
The tendency of the market, as noted, is not illogical in
view of the disturbed conditions in Southeastern Europe
and the possibilities for the future of the countries involved.
On the other hand, domestic affairs and prospects are of a
decidedly hopeful character. The surplus of idle cars heretofore reported has entirely disappeared, loadings, according
to the last statement, having increased 113,275 over those
of the preceding week, and apparently the traffic of the country is facing a shortage of cars. This prospect is not in itself
altogether pleasing, and is mentioned hero only as evidence
of the remarkable increase in general business which has
actually taken place and presumably the railways will take
the necessary steps to increase their facilities. Indeed, it is
already reported that a large part of the orders recently
booked by the U.S. Steel Corp. is for railway equipment and,
moreover, are the largest ever recorded for such material.
To-day's market has been similar to that of preceding
days. Some recovery during the last hour or more left
closing prices substantially above the lowest of the week.
4 presumably re373
A drop in sterling bills to around
flects prevailing sentiment regarding the Near Eastern
situation.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Sept. 29.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Shares. I Par Value.
Saturday
Monday
Tuesday _
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
State, Must.
and Foreign
Bonds.
Railroad,
&c.,
Bonds.
Stocks.
Week ending
Sept. 29 1922.
$2,454,000
5,625,000
6,578,000
8,510,000
8,460.000
8,430,000
337,030 $29,425,000
669,031
53,188.700
762,117 66,5'38,500
998.443 86.751,000
1,040,360 88.336,000
1,086,900 92,008,000
U. S.
Bonds.
$990,000 $1,371,000
1,517,000 3,580,000
1,654,000 7,258,000
2,008,000 9,779,000
2,286,000 4,290,000
2,260,000 4,291,000
4,893,881 $416,247,200 $40,057,000 $10,715,000 $30,569,000
Jan. 1 to Sept. 29.
Week ending Sept. 29.
1921.
1922.
1921.
1922.
126,996,222
190,461,871
2,488,186
4,893,881
Stocks-No. shares__ _
$116,246,200 $189,081,367 $16,729,783,589 $9,546,535,084
Par value
Bonds.
Government bonds_ _ _ $40,570,000 $69,219,800 $1,281,224,465 $1,367,362,440
212,208,200
63,096,700
7,917,500
State, mun.,&c., bonds 10,715,000
662,475,600
758,507,000
30,569,000 25,447,000
RR. and misc. bonds
Total bonds
$81,854,000 $102,584,300 $2,102,828,165 $2,242,046,240
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia
Boston
Week ending
Sept. 29 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
Bond Sales
Bond Sales, Shares
Baltimore
Shares
Bond Sales
5,419
20,144
14,090
12.118
10,204
14,280
$25,450
56,150
50,850
48.300
47,450
27,000
2,066
4,598
5,467
6,776
9,240
3,842
$22,300
76,400
77,040
28,750
64,200
35,000
987
1,411
658
781
1,120
1,814
$38.200
88,500
57,500
47,600
62,500
108,500
76,255
$255,200
31.989
$303.690
6,771
$402,800
1
Daily Record of iberty Loan Prices. Sept. 23 Sept. 25 Sept. 2(3 Sept. 27 Sept. 28 Sept. 29
(High
First Liberty ,oan
% bonds oI 1932-47„( Low_
(First 31,4s)
(Close
Total sales In $1.000 units_ _ _
Converted 4 C, bonds of(High
1rst 4s)._ _ _(Low_
,
1932-47 (1
(Close
Total sales In $1,000 units _
Converted 4 4% bonds( High
of 1932-47 First 430)( Low_
(Close
Total sales I n $1,000 units_ . _
Second Converted 434 %1High
bonds of 19 12-47 (First( Low_
Second 4%5)
(Close
Total sales I 3 $1,000 units_
Second Liberty Loan
(High
4% bonds of 1 )27-42_ _(Low_
(Second 4s)
(Close
Total sales I $1,000 units_ __
Converted 43.f% bonds(High
of 1927-42 (Second (Low_
(Close
4%s)
Total sales 331,000 unUA___
(High
Third Liberty .oan
434% bonds o i 1928._ _(Low_
(Close
(Third 431s)
Total sales Isi 31,000 units_ _ _
(High
Fourth Liberty Loan
4%% bonds of 1933-38_4 Low_
(Close
(Fourth 4% 4
Total sales / 1 $1,000 unUs___
(High
Victory Liberty Loan
44% notes of 1922-23_( Low_
(Close
(Victory 43js)
Total sales I st non unit.,
101.38 101.38 101.28 101.18 101.00 100.92
101.24 101.26 101.12 100.88 100.82 100.66
101.24 101.26 101.14 100.90 100.90 100.72
244
464
216
242
182
81
____
____ 100.00
____
____
____
99.84
___ _
_ __ _ 0.00
__ _ _
-------10
_ _ __
___ _
--------100.70 100.64 100.54 100.30 100.40 100.14
100.52 100.50 100.30 100.00 100.02 100.04
100.54 100.54 100.32 100.00 100.12 100.08
95
41
73
250
177
11
---------------------------- ------100.06
100.06
100.06
4
100.12
100.06
100.08
665
100.26
100.14
100.18
97
100.50
100.42
100.50
270
100.70
100.66
100.66
38
99.80
____
____
100.06 100.00
99.80
____
____
100.06 99.96
99.80
____
___
100.06 100.00
1105
100.72 100.08 100.02 100.02 99.94
100.00 99.96 99.74 99.80 99.86
100.02 100.00 99.81 99.92 99.90
926 1,195
3.277
767 3,111
100.20 100.10 100.00 100.08 100.00
100.02 99.96 99.72 99.80 99.82
100.02 100.02 99.84 99.96 99.92
526
1,550
480 1,156 3,301
100.48 100.32 100.14 100.20 100.18
100.28 100.18 99.90 99.90 99.16
100.28 100.20 99.98 100.16 100.08
1,507
851
2,464
1,821
1,206
100.70 100.66 100.62 100.58 100.56
100.62 100.62 100.50 100.54 100.48
100.66 100.64 100.54 100.54 100.52
199
156
246
254
203
3 per share S per share S per share
Par Shares $ per share
RailroadsFeb 107
Sept
100 107 Sept 23 107 Sept 23 83
& 0, pref. _ 100
C St P
Sept 23 10434 Jan 115
Sept
28
Sept
11434
1,300
_
_
pref._
1123-4
Illinois Central,
Sept
Feb 72
100 7134 Sept 26 72 Sept 26 61
RR Sec Series A_ _ _100
Jan 7634 Sept
170 74 Sept 23 76 Sept 26 71
Leased line stock_ _100
Sept
25
July
29
Sept
2234
Aug
2934
3134
1,600
2834
Interboro Rap Tr (w 1)2234 June 2634 June
Int & Gt No Ry (w 1) 100 1.106 23 Sept 28 2434 Sept 26
Sept 28 6
Feb 1334 Jan
28
6%
Sept
6%
100
100
Central
Iowa
Man Ry En Tr Co of
Sept 25 44
July 5534 Aug
N Y ctfs of deposit__ _ 2,600 5134 Sept 29 54
M St P &SS MSept
100 6634 Sept 28 6634 Sept 28 63 June 68
Leased line ctfs_ _ _100
Jan 10034 Aug
100 99 Sept 27 99 Sept 27 72
N Y Ch & St L let pf 100
23
73
14
Sept
Sept
Jan
73
27
Sept
6
_
B__
1,200 834
Tol St L & W Series
Preferred Series B_ _ 1,800 57 Sept 28 5834 Sept 25 2234 Jan 5834 Sept
Indus. & Miscell.
Jan 11734 Sept
200 117% Sept 29 1173-4 Sept 27 107
_ _100
All Amer
Sept 5234 Sept
temp ctfs_ _ ..* 3,100 4534 Sept 29 48 Sept 23 44
Am Metal Cables_Note.-The above table includes only sales of coupon
Mar
25
70
Sept
Feb
54
25
Sept
64
6734
_100
16,500
Am Teleg & Cable_ _
Aug 11334 Sept bonds. Transactions in registered bonds were:
300 1093-4 Sept 29 11034 Sept 27 107
Am Metal tern ctf pf_100
% Jan 234 July
800 1% Sept 25 2 Sept 27
Assets Realization _.._10
99.64 to 100.14
100.54 to 100.18 95 3d 43-4s
48 1st 33is
Atlantic Fruit Co99.86 to 100.42
99.80 to 100.50 212 4th 430
23 1st 434s
700 134 Sept 27 2 Sept 25 1% Aug 2% July
Col Trust Co ctf of dep
100.32 to 100.6e
99.70 to 100.10 80 Victory 434s
Sept
43-4s
July
2d
25
44%
30
74
Sept
28
Sept
40
_20
7,100
_
4334
Packing_
Beech-Nut
Sept
Feb
26
100%
Sept
94
100
20010034 Sept 27 10034
Burns Bros prof
Aug
Sept 44
500 37 Sept 28 40 Sept 25 37
Case(JI)Thresh Mach.*
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Jan 9334 Sept
100 9334 Sept 28 9334 Sept 28 85
Cert-Teed Prod let pf100
Int
300 4934 Sept 28 4934 Sept 28 49% Sept 49% Sept
Corn Solvents A
Bid. Asked.
Rate.
Maturity.
3 Sept 29 46 Sept 29 44% Sept 46
Sept
Bid. Asked.
Rate.
Maturity.
500 44%
Corn Solvents B
7,900 434 Sept 26 5% Sept 25 2% Sept 6% Sept
Consol Cigar rights
3 100%
%
100%
%
4
% 102%
1.400101 Sept 27 102 Sept 23 93% July 102% Sept June 15 1924._
102,4 Mar. 15 t923.__
Cosden & Co pref
100%
% Sept 1% Sept Sept. 15 1924... 55-5% 102%
% 100
l02'3.4 June 15 1923___
% Sept 29 134 Sept 26
23,633
Rights
100%
100%
434%
1925._
Feb
15
27
May
Dec.
Sept
80
61
,
%
29
4%
100742 100'
7434
100 733-4 Sept
Dec. 15 1922
100
Deere Sc Co pref
100%
Feb 44% July
1015 6 Sept. 15 1923_ -_ 334% 100
% 101%
200 3514 Sept 29 3534 Sept 29 23
M ar.15 1925.__
Emerson-Brant pref_100
Sept
Sept
27
14
Sept
20%
26
Sept
101%
101%
1926
15
_25
6,300
1934
(The)_
434%
Mar.
1534
Fairbanks Co
Gen Am Tank CarSept
300 102 Sept 23 103 'Sept 25 96 rJunc 103
100
7% preferred
June
June 127
Foreign Exchange.-Sterling exchange displayed irreg29 124 Sept 27 124 Sept 27 102
General Baking Co_ _- _*
June 108
July
100 108 Sept 27 108 Sept 27 106
Preferred
on light trading.
Sept ularity and prices tended fractionally down
10 1,900 113j Sept 23 12 Sept 23 11% Sept 12
GenElsp'lwl
4,600 63.4 Sept 28 7 Sept 23 63.4 Sept 7% Sept The Continental exchanges were also easier, but without
Goldwyn Pictures
May
500 8134 Sept 29 84 Sept 27 80% July 103
100
Hartman Corp
Hudson Motor Car _ _ _ _* 7.700 2034 Sept 29 22 Sept 23 19% Aug 23% July important change.
Sept 103
Sept
wore 4 3Y4©
100 99 Sept 26 99 Sept 26 94
Iron Products, pref. _100
To-day's (Friday's) actual rates for sterling exchange
Jan 220
Sept
100 214 Sept 29 214 Sept 29 100
4 36%64 3834 for
Ligg&MyersTobSerB 100
for sixty days, 4 36%64 3834 for checks andsixty
4
3634
29
Sept
30
Aug
26
Sept
Sept
67%
6334
60
days 43334@
4,100
Biscuit
Loose-Wiles
353%64 37%,
Sept cables. Commercial on banks, sight 4
payment (sixty
200 116 Sept 29 116 Sept 29 109% Mar 116
100
2d preferred
and documents for
6,300 323-4 Sept 28 3434 Sept 25 32% Sept 35% Sept 43634, ninety days 4 32%64 3534 payment 4 353404 :3734 and grain
Magma Copper
for
Aug 1634 Sept days) 4 343464 3634. Cotton
9,600 14% Sept 29 16 Sept 23 13
Moon Motor Car
3
%
15,600 103-4 Sept 29 11 Sept 23 10% Sept 11% Sept for payment 4 35%04 37 Mother Lode Coal
bankers' francs were 7.48346
To-day's (Friday's) actual rates for Paris
marks
Sept 489
2 450 Sept 27 475 Sept 27450
Sept
Nash Motors Co
for short. Germany bankers'
64 281 Sept 25 28234 Sept 28 264 June 282% Sept 7.5234 for long and 7.513467.553-4 bills. Amsterdam bankers' guildus
Nat Bk of Commerce.100
short
and
long
for
yet
quoted
not
28
are
69
Jan 99% Sept
100 97 Sept 28 97 Sept
_
Nat Cloak Az Suit, pf _100
short.
for
38.60638.65
Sept were 38.26638.31 for long and 57.68; week's range, 5/.61 high and 58.00
N Y Air Brake rights_ _ _ 4,900 134 Sept 29 2% Sept 23 1% Sept 4
Exchange at Paris on London
100 109 Sept 28 109 Sept 28 100% Jan 109
Sept
Nlag Falls Pow, pref_100
Jan 54
200 54 Sept 25 54 Sept 25 47
25
Sept low.
follows:
Ohio Fuel Supply
The range for foreign exchange for the week Days.
Cables.
500 543-4 Sept 2C 55 Sept 26 4234 Jan 66% Apr
100
Checks.
Otis Steel, prof
60
Sterling. ActualPacific Tel & Tel, pf_100 3,400 903/4 Sept 23 9134 Sept 23 86% July 91% Sept
4423%
4423.j
44134
Jan 80
100 70 Sept 29 70 Sept 29 69
Mar High for the week
4 363%
4 363.s
Panhandle P & R, pf _100
3434
4
Aug 4534 Sept Low for the week
100 453/4 Sept 27 4534 Sept 27 42
Philadel Co 6% pref_ _50
Francs
Bankers'
Paris
25
Sept
27
Sept
88% Jan 93% Mar
9134
7.69
7.68
Phillips Jones Corp,pf100 600 91
7.63
Sept High for the week
7.5434
7.533'6
P S Corp of NJ, pref... _ 1,500 104ti'Sept 23 10534 Sept 25 104% Sept 108
7.4834
300 26%ISept 29 2734 Sept 26 2434 Aug 50% June Low for the week
Reynolds Spring Co_
Marks
Bankers'
Germany
23
95% Sept 96% Sept
Shell-Union Oil, prof _100 2,100 959-4 Sept 29 96 Sept
0.0734
0.0734
Sept High for the week
Sinclair Cons 011, pref_ _ _ 1,400 98 Sept 25 9834 Sept 23 97% Sept 101
0.053-4
0.053%
100 94% Sept 26 9434 Sept 26 83% Jan 96
Sept Low for the week
Standard Milling, PI-I00
Guilders
Bankers'
Amsterdam
100 1.80014134 Sept 29 148 Sept 23 109% Mar 148% Sept
38.74
38.83
38.39
Tidewater Oil
29 30 Sept 26 28% Sept 30
Sept High for the week
38.61
38.26
38.70
Timken Roller Bearing.* 24,700 2834 Sept 26
Feb 145
14334 Sept 25 125
400 143 Sept
May Low for the week
St. Louis, 15625c. per $1,000
Underwood Typew'r _100
Domestic Exchange.-Chicago, par. par. Montreal, par. CincinSept 26 1113-4 Sept 26 104% Feb 114
10011134
_100
May
pref
Stores,
Francisco,
Cig
Unit
27 60 Sept 27 45% May 63% Sept discount. Boston, par. San
Sept
100
60
US Tobacco
Aug 112 June nati, par.
3,400 08 ti Sept 28 10934 Sept 25 107
West Elec 7% cum Pf.100 2,700 6234 Sept 26 7134 Sept 27 62% Sept
Aug
75
West'h E & Mfg, 1st PI50
The Curb Market.-For report of this week's New York
27
117%
Sept
27
124
Sept
Apr 124
124
500
Sept
Woolworth (FW),Pf _100
*.No par value.
•
Curb Market see page 1502.
•
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1513
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. 23.
Monday,
Sept. 25.
Tuesday,
Sept. 26.
Wednesday
Sept. 27.
Thursday.
Sept. 23.
$ Per share
22
*20
47
*44
1047, 10532
9218 9212
914
214 11712 117'2
5514 5612
6534
*65
$ per share
.2158 22
47
47
106 1064
9214 9214
*214
212
11858 11978
551s 5612
6512 6512
3 Per share
*2152 22
*4512 47
10438 10578
93
92
*214 212
1183
8
11734
55
5512
6514 6512
$ per share
21
21 1
41
45
104 10478
921s 9278
24 24
11712 113'8
5334 5538
*65
6512
S per share
*17
21
42
40
10314 1034
*914 9258
218 24
1174 11812
5314 54'4
65
654
Friday,
Sept. 29.
Sales
for
the
Week.
3 per share Shares
100
21
*16
1,500
4372 44
10214 10334 11.900
9252 1,000
*92
500
24 2,8
117 11812 2,900
32,400
54
53
1,400
65
65
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Railroads
Par $ per share
Ann Arbor
100 10 Jan 3
Preferred
100 2878 Jan 26
Atell Topeka & Santa Fe_ 100 9134 Jan 3
Do pref
100 8458 Jan 3
Atlanta Sires & Atlantic 100
34 Jan 14
Atlantic Coast Line RR
100 83 Jan 9
Baltimore & Ohio
100 3312 Jan 27
Do prof
100 5212 Jan 11
Buffalo Koch & Pitts
100 50 Jan 4
6 Jan 4
100
trook15'rt Rapid Transit
Certificates of deposit
552 Jan 11
Canadian Pacific
100 1191s Jan 6
Central RR of N J
100 184 Mar 31
Chesapeake & Ohio
100 54 Jan 10
Chicago & Alton
100
138 Jan 24
Preferred
100
318 Jan 25
Chic & Ea.st Ill RR (new)
1258 Jan 25
Do pref
32 Jan 30
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ per share 3 per share $ per share
21 Aug 30
8 Mar
1234 Feb
52 Aug 25
20
Apr 3214 Dec
7718 June 94 Do
10312Sept 14
,
9512 Aug 21
7512 Jan 88 Nov
512 Apr 17
1
Dec
712 Jan
1244Sept Ii
77 Apr 91 Nov
6014 Aug 21
303s Mar 423s May
6614 Aug 23
47 Mar 5632 Nov
72 Sept If)
4912 Dec 724 Mar
1478 Jai]
6 Dec
29 June 30
2478June 30
312 Sept 10
Jan
15152 Aug 31 101 June 1234 Nov
20934Sept 11 186
Oct 209 Mar
79 Aug 21
46 June 6512 May
1234M8y 26
4 Nov
834 Jan
2072May 25
618 Dec 12
Apr
4334 Aug 21
1312 Dec 164 Nov
6412 Aug 22
3312 Dec 37 Nov
614 Dec
1034May 27
918 May
2412May 29
14 June 204 May
1714 Dec 31
3632 Aug 22
Jan
2912 Dec 4612 Jan
55 Aug 22
9112Sept ii
6018 Apr 71
Jan
125 Aug 21
95 July 110
Jan
50 Sept 14
2238 Mar 35 Sept
105 Sept 14
6834 Mar 8934 Dec
95 Sept 11
5612 June 77 Dec
60 June 63
90 Sept 15
Jan
804Sept 15
32 June 5712 Deo
60 Feb
100 Aug 21
75
Dec
27
Jan
5312 Apr 24
464 Nov
49
66 Mar 23
Jan
59
Dec
90 Apr 1104 Nov
11112Sept 8
1315s Sept 8
93 Aug 249 May
152 Mar
6 Apr 25
412 Jan
1012 Apr 18
352 Nov
738 Jan
1834May 23
10 Dec
1514 May
2812 Aug 21
151s Dec 225. May
2014 May 23
10 De
, 154 Jan
9512Sept 15
60 June
7914 Dec
2552 Juno 3112 Nov
4552 Apr 13
134 Dec
19 May 22
1112 May
15 Dec 26
4112 Sept Ii
Feb
8512 Mar 1004 Nov
11534Sept 15
118 Dec
5 Apr 8
54 Jan
16
1234 Apr 3
314 Dec
Jan
3014 Apr 25
1812 Feb 284 May
1512 Jan 55 Nov
5912 Apr 26
112 Nov
9341une 8
612 May
397sJune 6
10 Mar
1412 Jan
17.18 Aug 30
77 Sept 27
Doe
4712 June 6034 Dec
72 Sept 9
97
Apr 118 July
11112Sept 9
32 Dec 5812 Jan
53 Aug 30
234 Dec
7 May
11 Mar 14
12 Aug
1312 May
5014 Apr 11
27 Aug 1512 May
69 Sfo 23
414 Aug
832 May
32 Apr 10
518 Da, 1431 May
1412 Apr 29
63 Aug 744 Nov
73 Sept 11
1
Dec
312 Nov
14 May 23
8 Dec
1934 Aug 25
94 Dec
4534 Aug 11
2234 Dee 2633 Dec
16 Mar 2314 May
2514 Apr 18
3312 Mar 491g Nov
6334Sept 12
714May 27
234 Dec
65s Feb
46 June 7712 Feb
824Sept I',
10038 Aug 21
6418 June 76
Dec
39 June 6132 Sept
91 Aug 21
54 June 6812 Sept
91 Sept 15
3514May 20
12 Nov 2312 Jan
2912 Apr 10
16 Mar 2314 Sept
814 Sept
1314 May
2212 Tune 6
12 ilg Sept 9
8838 June 10472 Feb
62 June 7444 Dec
8) Sept 8
Jan
6114 June 88
9032 Aug 24
3214 June 4134 Jan
1914 Sept 15
8 Nov
12
Jan
2638 Aug 23
1634 Mar 237s May
4052 Aug 21
60 Apr 6512 Dec
82 Aug 21
Jan 6634 Dec
35
7434 Aug 23
23
Oct 32
4132 Aug 8
Jan
70 Mar 80 Dec
92 Sept 11
6034 June 8914 Jan
83 Sept 9
3612 June 55
Feb
57 MAY 31
5913 May 31
384 Aug 5734 Jan
5314June 1
-82
*2
7252 -2-33-2 9.500
7238
2 -2-33
4 *2
73
21s if- *2
74
2 -211
2
748 24.7-8 *2
*2
74
11s -ii5; *11
1938 2014 1914 1938 1914 1912 1,600
204 2012 2038 204 *20.38 21
14414 1455s 11314 14414 142 14378 142 14314 17,500
11434 11512 146 147
100
194 194 *180 203 *186 203
.195 203 *194 203 *195 203
7234 74
7138 714 7014 7118 8,900
7312 74
7334 7412 741s 75
3.700
318
3
34 332
34
318 314
3
314 312 *3,4 312
800
178 14
452 152
512 512 *412 5
51_
518 *458 5
34
3512 3612 35
37
36
37
3514 3,326
*3712 3812 3712 38
5612 4712 5,100
5912
594
5712
58
5912
58
5914 60
60
60
558 Jan 11
612 614 3,200 Chicago Great Western___100
612 652 *612 658
614 6521
614 612
614 614
Do pref
100 1334 Sept 29
1512 15
1512 1412 151s 144 1412 1334 1412 7,900
15
1434 15
25,600
Chicago
Milw
&
St
Paul.,.
100
Jan 0
1714
3112
303
8
305
8
3014
3141
32
33
3214
34
323
4
337
8
3312
Do ref..
100 29 Jan 10
4312 4714 4912 32,300
5052 5132 4914 5014 4712 5014 47
5058 51
9034 92
93
8912 9114 8932 9012 8834 9012 17,900 Chicago & North Western_100 59 Jan 9
9212 92
92
Do tret
300
100 100 Jan 9
12114 12114 *121 126 *121 126 *121 126 *121 126 I 121 121
100 3034 Jan 11
4212 4334 4252 43124212 4312 50,100 Chic Rock 2s! & Pao
4434 1578 1358 4532 4318 14
2,500
7% preferred
100 8314 Jan 10
9912 100 101
99
101 10112 100 100
1014 10234 101 102
9032 3,400
100 7014 Jan 0
6% preterred
9078 90
9212 90
9112 90
9234 934 92
9212 93
100 51 Jan 10
8512 8512 1,900 Chic St P MInn & Om_
86
8512 86
86
86
86
8614 86
86,4 86
100 Clay Cin Chic dr St Louls_ _100 51 Jan 4
79
80
*70
78
80
*75
78 .75
*70
78
.76
80
94
100
Do pre(
94
100 7234 Jan 3
98
97
98 .96
*94
97
*95
*9712 9914 *97
1,500 Colorado & Southern
100 38 Jan 10
.4812 5012 *4912 5012 4932 5014 4712 4712 4752 4752 4712 49
200
Do 1st prat
*6212 63
100 55 Jan 16
64
63
63
*6212 63
6412 64
*6214 6212 *63
800 Delaware & Hudson
132 133
100 10634 Jan 4
13414 13614 13612 13612 13712 13712 1354 137 *132 137
4,100 Delaware Lack dr Western_ 50 108 Feb 14
13312 13414 13334 13334 133 1364 132 13234 13012 133
133 133
Duluth S S & Atlantic____100
*3
4
252 Jan 27
*314 4
*312 4
4
*314 4
*3
4
.3
Do pref
*5
6
*6
8
100
*6
8
334 Jan 7
*6
8
*6
8
*6
8
100
7 Jan 9
1512 1552 1514 1534 1514 1512 15
15381 1412 154 1434 154 18,700 Erie
Do 1st prof
100 1118 Jan 9
2414 2412 21
24141 2312 2378 2314 234 8,300
2132 2434 2112 25
Do 2d Drat
1612 17 1 1,400
100
718 Jan 10
1634 1714 1658 1652 .1612 1714 .1612 1714 1 1534 16
21,200 Great Northern pref
100 7014 Jan 10
9272 9314 934 9334 9214 9318 9014 92381 8978 9114 884 91
Iron Ore properties_N. par
39
391 I 39
39
3132 Jan 6
394 4,500
3952 3934 3032 3934 3953 3934 39
900 Gulf Mob dr Nor tr ctfs
1612 17
100
5 Jan 4
.1612 17
1612 1612
1612 1612 *1612 17
1678 167g
Do prat
*40
46
*40
43
4112 43
46
100 16 Jan 5
4412 *43
*43
*4312 46
2,720 Illinois Cantral
100 9712 Jan 3
1124 11212 112 11212 11212 1131s 11234 113
113 113
.112 114
1 Jan 10
114 3,000 Interboro Cons Corp_ _No par
114
*138
112
138 138
138
112
138
138
138
138
Do prof
352 334
334
34
352
312 352 2,500
314June 20
100
*378 5
4
4
338
100 221s Jan 11
2334 2334 2334 2378 23's 24
2358 2414 2314 235g 2334 2334 3,400 Kansas City Southern
5612 5612 5512 5632 1,000
Do pref.
58
5734 5734 5512 57
100 5234 Jan 5
5812 58
.58
*4
Keokuk & Des Moines__ _100
*4
10
10
*4
10
*4
10
*412 10
5 Jan 17
*4
10
3512 3558 3514 3514 3,000 Lake Erie & Western
3512 3578 3512 36
36
100 10 Feb 2
36
*3512 36
100
Do prat
75
*7612 77
75
77
*7512 7512 75
100 2618 Feb 8
317612 77
1376
77
6652 6812 6612 6712 6532 664 17,100 Lehigh Valley
50 5652 Jan 3
6912 6934 6812 6972 6812 69
400 Louisville & NastivIlle__100 108 Jan 9
135 135
134 13458 135 135
•136 139 *137 139 *136 137
1,100 Manhattan fly guar
52
*52
54
52
52
52
54
100 35 Jan 6
5114 54
5432 5452 54
100 Market Street RY
*712 9
*8
852
712 712 *7
8
*712 778 *714
712
100
318 Jan 28
Do prat
100
*35
41
*3512 4112
41
.35
43
44
41
100 17 Jan 9
•40
4312 .11
Do prior pref
6614 6612 6612 3,400
661s 6734 654 6612 66
100 3512 Jan 7
6812 69
69
68
2212 2,400
Do 21) prof
2312 2312 *22
2312 *21
100
538 Jan 9
2612 2712 2732 2814 2134 26
700 Minnoap & St L (new)
812 834
834 9
812 812
100
5 Jan 6
918 9'8 *O's 912 *834 9
400 Minn St P & S S Marie__ _ _100 55 June 29
70
7114 7114 69
6914 *68
70
70
72
*70
72
*68
32 Jan 16
1234 1234 *1234 1312 2,200 Missouri Kansas & Texas 100
13
14
13
•13
1334 1338 1312 *13
1814 1734 184 175a 1778 17,300 Mo Kan & Texas (new)
72 Jan 11
1812 1814 1832 1812 1818 1814 18
4,900
Do prof (new)
44
46
4514 45,4 1412 4514 4334 44121 43
46
2412 Jan 27
46
46
21141 2012 2118 6,809 Missouri Pacific trust etts_190 16 Jan 10
2114 2152 21
224 2134 22
2152 2152 22
53
56
5734 10,600
Do prat trust ctfs
100 14 Jan 10
59
59325914 430 I 5812 5934 5712 5838 57
358 358 1,600 Nat Rys of Mex 2d pref__ _100
334 378
31, 378
334 34
3 Jan 28
418
4
*378 412
New
On Tex & Mex v t c 100 514 Jan 10
5,000
79
80
8018 8038 7812 804 7712 79
7814
78
774
77
97
9334 9518 33,000 New York Central
9612 9752 96
100 7234 Jan 4
9712 9832 981s 9834 9714 98
8412 8114 8414 1,900 N Y Chicago & St Louts__ _100 51 18 Jan 5
84
85
84
86
81
86
87
87
86
300
Do 2d prat
89
*83
89
89
83
83
100 6134 Jan 5
90
*89
88
9012 88
.88
100
1212 Jan 5
3012 3114 3052 3132 3012 3034 2912 3012 294 304 284 294 30,600 N Y N El & Hartford
1934 Jan 9
2538 2412 2152 2414 2414 2.300 N 1" Ontario & Western_ 100
2512 2512 25% 25381 2514 2514 25
300
Norfolk
17
Southern
*15
1612 1612 1512 1512 *1512 18
100
834 Jan 3
17
17
*1612 17
100 9614 Jan 9
119 11934 1193 12034 119 11912 11712 11912 11634 11834 11714 11912 9,700 Norfolk Sr Western
Do prof
85
*75
85
85
*75
100 72 Jan 9
85 1 *75
85 1 *75
*75
*75
85
18,100
Northern
85
Pacific
84
8418 85
100 7334June 19
86
8634 8634 87321 8512 8658 8412 86
4738 47 .475s 20,300 Pennsylvania
47
50 3338 Jan 3
4814 471g 48
484 1832 4812 48121 48
600 Peotia & Eastern
19
1912
21
*19
20
*19
100
21
102018 205g 20
204 *20
1034 Jan 14
3534 3134 3514 9,200 Pere Marquette
35
354 36
100
3714 3758 3758 3752 3618 37
19 Jan 10
100
Do prior pref
79
*77
80
*7712 79
*78
79
79
100 63 Jan 17
81
*78
81
.79
700
72
7112
73
Do
prof
*63
73
*72
*73
74
7312 7312 72
73
100 501s Jan 6
3712 3712 3712 3712 3712 3778 3512 3658 3512 3634 3512 3712 4,500 Pittsburgh & West Va
100 23 Jan 27
91
200
91
*90
Do pref
*90
9112 91
91
9112 *91
.91
9252 *91
10
76 Jan 13
77
7512 77
17,500 Reading
7778 7812 78
78511 7718 7812 764 7712 76
50 71,8 Jan 3
600
524 52
52
52 52345
52
Do let prof
54 1 62
5312 *5212 5372 *52
.52
43 IMar 27
2
500
D
tioand2dart
profrer
*5212 5334 *5212 5312 *5212 5312 *5212 5334 5212 5212 *51,2
50 45 Jan 27
*35
45 1 *31
Rutland
35
45
45
*35
45 .1 33
*34
40
*35
100
1712 Feb 6
2714 23
9,500 St Louls-San Fran tr ctfs100 2058 Jan 15 3238 Aug 21
2758 2718 28
28121 27
2812 2872 2812 2814 28
191s Mar 2534 Aug
4634 4912 4914 4934 3,800
Do pref A trust ctfs_ _ _100 36 Feb 1
5112' 454 50
51
53
53
53
52
2778 June 3912 Nov
56 Aug 21
6,300 St Louis Southwestern.......10O
304 2834 2912 2838 30
30's 3052; 30
3112 31 12 305s 31
1912 June 3012 May
2032 Jan 3 36 Aug 21
49
464 4714 46
1738 6,200
Do prat
.4812 4938 4958 494 *1812 1914' 46
28 June 41
Jan
100 3238 Jan 10 5234 Aug 21
612 678 *612 7
7
634 71s,
*612 7
2,200 Seaboard Air Line
7
*612 7
24 Oct
714 May
100
258 Jan 4 10 Apr 15
11
1012
1012
1012
1014
1012
1072
10
3
4
1012
104
4,000
Do
prat
11
11
3 Dec 1212 May
100
418 Jan 13 1434 Apr 15
9334 9252 934 29,400 Southern Pacific Co
9434 9418 9434 9314 9412 9318 9458 93
94
6712 June 101
100 7818 Jan 10 9578 Aug 22
Jan
2534 2412 25
2414 25
2414 2434 16,000 Southern Railway
2514 2534 2512 254 25
173s June 214 Jan
100
1714 Jan 10 2858 Aug 21
63
6218 6234 614 614 61
6112 6012 604 3,600
Do prof
42 June 60
6212 6314 63
Jan
100 46 Jan 10 6458 Sept 1
2912 2914; 28
29
2912 30
2753 2812 2712 2312 7,000 Texas & Pacific
2934 30
161s Jan
2734 Dec
100 24 June 16 36 Apr 21
2178 2178 2134 2134 2012 21
22
900 Third Avenue
*2012 21
22
23
1212 Aug 2032 Mar
.22
100 14 Jan 5 2532 Apr 25
60
400 Twin City Rapid Transit 100 34 Jan 12 6212 Sept 15
*57
60
*57
59
5934 5934 5912 5912 *57
3118 Dec 5512 Apr
5878 59
14918 15012 148 14912 11712 14332 14634 148
17,600 Union Pacific
15014 15058 15014 151
100 125 Jan 10 15134Sept 11 111 June 1314 Nov
*7534 77
7712 *7534 77
7534 7534 7534 7534
500
Do pref
77
78
78
100 7114 Jan 7 80 Aug 10
6214 July 7412 Doe
14
14
14
14
15
1,100 United Railways Invest .._100
1514 15
1514 1532 15,2 15
6 Aug
1214 Mar
.15
712 Jan 6 194 Apr 11
33
3034 3212 3114 3114 31
31
1,200
Do prof
3234 3314 32
17 Aug 26 Mar
3234 33
100 2014 Jan 9 3612 Apr 11
12
12
113
8
12
1118
1112
8,600
1218
1112
1152
Wabash
121s 12
9 May
12
63s Dec
100
6 Jan 30 14338May 26
31
3112 3058 3114 3012 31
12,300
Do pref A
3212 3212 324 3114 32
18 Mar 2412 May
100 19 Jan 25 3512 Aug 21
32
23
*21
20
20
2014 2014 *2012 22
500
Do pref B
23
*21
2034 23
1572 Nov
100 1234 Jan 25 2453 Aug 21
1258 Mar
.
1
14
1314
14
9,100 Western Maryland (new)..,.100
1438 . 1312 1114 1312
1714 Aug 3)
1114 1434 1412 14 2 14
838 Dec 114 May
8[4 Jan 30
2214 2112 22
21
21
2012 21
1,500
Do 2d prof
100 13 Jan 17 254 Aug 30
2234 2234 *2212 2312 22
1414 Dec 21 May
174 18
*1778 18
17
1734 1718 1712 1,500 Western pacific
•1772 1812 *1772 18
100
1412 Jan 30 244 Apr 24
15 Dec 304 May
6312 6312 6312 63
*63
63
62
62
400
Do pref
64
6412 *63
514 Dec 7012 Jan
100 5158 Feb 1 6472 Sept 13
.63
12
1212 3,300 Wheeling & Lake Erie Ry_100
1212 13
13
1318 1314
1318 1312 13
13
13
6 Feb 2 1612June 7
614 Dec 114 May
22
2212
22
22
23
20
22
2212
2,1
5
0
0
0
0
wis
D
c
o
ons
p
in
ref
23
23
100
2112 22
914 Jan 4 2952June 7
1212 Dec 1912 May
29
29
*2812 2912 *2912 31
32
*31
31
*29
Central
31
.29
100 25 Jan 10 3314 Mar 13
Oct 3712 May
23
78
7814 78
78
78
7934 78
79
7872 79
1872 184 1772 174 1712 1712 171s 1714
20
.18
*55
57
*55
58
58
57 .55
5712 *55
*55
5912
5812 594 *58
59
59
59
59
.
5834 59
1458 134 14
1412 14
1334 1434 1438 1434 14
5s
5s
28
12
53
12
12
12
52
5.8
112
112
152
132
134
172
154
112
152
138
8234 8314 8312 8312 8152 8332 8012 8212 7912 8134
•11214 118
11212 11212 *11234 11312 *11214 11314 11212 11212
5414
54
55
5534 5638 5534 56
5452 55,2 51
101 1014 *101 102
*104 10478 *10014 10478 103 103
3832
3812 3812 3918 3912 3812 3834 3812 3834 38
68
.68
6912 .69
6934 6812 6812 681s 684 67
74
*70
71
.70
74
74
*70
*70
74
*70
54
*52
54
*52
.52
511
*52
54
*52
54
44
43
131s
*43
44
44
45
4334 45
43
80
*73
80
*73
.
7312 80
*7312 80
.73
80
41
41
4112 4112 41
405a 4052 4014 4012
41
Industrial & Miscellaneous
7812 7934 1,900 Adams Express
100 48 Jan 12 8214 Sept 20
17
17
600 Advance Rutnely
100 1078 Jan 19 23 Aug 18
54
55
200
Do prof
100 3158 Jan 12 6012 Aug 18
57
5718 1,600 Air Reduction, Inc_ _ _ .,No par
4512 Jan 3 604 Sept 16
135s 16
13,500 Ajax Rubber, Inc
50
912July 28 1834 Apr 25
58
58 3,000 Alaska Gold Mines
78May 10
10
14 Jan 13
l38
158 11,500 Alaska Juneau Gold Min
2 May 17
33 Jan 24
10
7912 82
26,400 Allied Chem & Dye_ _ _ No par 5532 Jan 3 9134 Sept 5
11234 113
500
Do plat
100 101 Jan 3 11512 Sept 19
5355 5412 8,200 Allis-Chalmers Mfg
100 3734 Jan 4 5934Sept 7
10112 102
700
Do pr f
100 8612 Jan 5 101 Sept 21
3712 3734 3,200 Amer Agricultural Chem 100 2934 Jan 3 4278June 1
6612 6134
700
Do pref
100 56 Jan 16 7214 Sept ii
*70
74
American Bank Note
50 5812 Jan 7 7712 Apr 7
*52
54
Am Bank Note pref
50 52 Jan 12 54 Mar 3
43
4318
1,200 American Beet Sugar
100 3134 Jan 3 49 June 9
*7312 80
Do prof
77 June 24
100 61 Jan 11
4012 4034 1,700 Amer Bosch Magneto_ No par 314 Jan 31
49 Apr 11
L1,111 than 100 snares. a Ex-dIvldend awl rights
*Bid and asked prices; no sales OD Una day. i Ei-rights.
of Glen Alden Coal Co. at $3 per *bare and ex-dividend 100% In stook (Aua. 22).
share for share to stock
2612 Jan 5334 Dee
1012 Dec 1934 Jan
314 Dec 524 Feb
30 June 50 Dec
154 Dec 3912 Jan
112 Feb
14 Dec
12 Oct
134 Feb
34 Aug 594 Dec
83 June 10334 Dec
2814 Aug 3934 Dec
6712 Aug 90 Dec
2612 Aug 6512 Jan
Jan
Aug 90
51
4612 Jan 5612 Dee
134 Jan 5012 Dec
Feb
244 Oct 51
5434 Dec 744 Jan
294 Aug 6512 May
• Ex-dividend. 0 Ex-rights (June 15) to subscribe
New York Stock Record-Continued-Page 2
1514
For sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
Sept. 23.
Monday,
Sept. 25.
Tuesday,
Sept. 26.
Wednesday. Thursday
Sept. 28.
Sept. 27.
Friday,
Sept. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCIIANGE
PER SHARE
Range since Jan. 11922.
On Oasis of 100-share lots
Lamest
iftihest
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ per share $ Per share $ Per share
3 Per share $ Per share 4 ner share $ ner share $ per share $ per share Shares Indus. & Miscell. (Con.) Par $ Per share
Jan 5638 Dec
42
77
1,900 Am Brake Shoe dr F__ _No par 51 Jan 4 8812 Sept 12
77
77
77
76
*7712 79
77
77
77
7712 77
8854 Jan 100 Dec
100 9814 Jan 18 112 Sept 16
Do prof
100
*10812 114 *10812 114
11038 11038 *10814 114 *10814 112 *10814 112
2312 June 3512 Dec
5378 5818 5638 5818 20,800 American Can
100 3214 Jan 5 8378Sept 8
5912 6038 5934 6012 5838 5912 5758 59
763, June 97 Dec
100 9314 Jan 3 11018 Aug 28
Do prof
*10812 110
200
109 109 *108 10912 *108 10912
10934 10934 *108 110
3,403 American Car & Foundry _100 141 Jan 10 193 Sept 11 11514 June 15114 Deo
18214 145 *185 187
18734 18734 188 18812 186 136
183 185
100 11512 Jan 6 125 Aug 17 108 May 11612 Dec
Do prof
122 122
100
121 12312 *121 122
*122 123 *120 123 *120 122
Jan
612 Nov 29
No par
9
7 Jan 27 14 May 5
838 838 *812 9
10
812 812 *838 9
*9
9
300 American Chicle.
1578 June 2434 Nov
100 1914 Jan 10 3012M:43,31
2734 2734 2712 2778 2714 2712 2634 2712 2612 2613 2534 26
2,200 American Cotton Oil
3.512 July 67 Apr
100 41 Jan 11 61 May 31
Do pref
5518 *53
55
54
409
55
*53
55
55
*53
5312 5312
*53
834 Jan
4 June
412 Jan 13
7 Sept 13
614 614
614 8141
612 612
612 612
614 638
614 614 1,900 Amer Druggiets Syndicate_ _ 10
100 126 June 23 115 Sept 1 114 July 137 Dec
*137 140% *137 14012 *138 14014 137 137 *136 140
137 137
300 American Express
8 Apr 16 Dec
*1312 1414 *1312 14
1314 1314 13
1234 1278 1,300 American Ride fic Leather_100 12 Jan 18 1738 Apr 13
13
13
13
4012 Feb 6258 Dec
72
100 58 Jan 3 74346ept 13
68
Do prof
*68
68
70
70
*69
70
903
6738 6778 6738 68
Jan 8312 Dec
42
100 78 Jan 12 122 Sept 8
11112 11238 10912 11112 10734 111
11212 11314 113 114
8,703 Americau Ice.
107 109
pref
Jan 7314 Nov
57
4
Aug
100
91
*9212 93
91
9212 9212 92
92
91
Do
*89
13
Jan
600
72
9514
9112
9134
2114 Aug 5338 May
3538 3514 3512 3438 3412 3358 3438 3334 3438 3312 3514 7,100 Amer International Corp _100 33129e0t 29 5058 Tune 2
35
13
13
74 Aug 1133 Apr
1234 1278 1212 1212 1212 1258 *1234 13
1234 1234 2,000 American La France F E__10
94 Jan 16 14 July 26
3
3634
100 2938 Jan 10 4014 Tune 1
1714 Aug 8212 Jan
37
3612 3738 3678 37
3814 37
8,303 Amerlean Linseed
3712 3612 38
Jan
10(1 5212 Aug 14 8078June 1
56 ' 57
Do )ref
.56
3978 Aug 93
87
5812 57
564 58
5712 1,600
5614 5614' *56
7312June 110 Dec
1224 12318 12214 123
12138 12278 12058 122
12012 12212' 12012 12534 51,400 American Locomotive ___100 102 Jan 5 127 Sept 1 1
100 112 Jan 12 12118 Sept 13
119 119
*118 119 *118 120
9314 June 115 Dec
119 119 *116 118 I*118 120
303
Do Prof.
25 82 Jan 30 124 Sept 22
6638 Jan 91 Nov
12112 1234 12112 12112 11934 12178 122 12434 121 12312 122 121
6,500 American Radiator
Jan
25
838 Apr 6
*678 7
312 Aug 10
658 7
334 Jan 31
634 678
678 7
64 7 I
7
74 3,303 American Safety Razor
Jan
512
Jan
14
par
No
Comm_
3
&
Ship
414 Aug
2414May
2118 2138 2112 2234 21
Are
31
10,99)
2134 20
20
21
20121 20
2058
2958 Aug 4714 Dec
6178 6238 6112 6214 6118 6134 6038 6112 5912 60341 5918 6012 15,533 Amer Smelting & Renning_100 4338 Jan 6 6712Ntav 19
100 8618 Jan 4 10312Sept 13
Do pref
G314 Aug 90 Dec
10212 10238 10214 10238 101 1014 *93,
10278 10278 103 103
4 10012 1,003
*95
63 Jan 88 Dec
103 Am Smelt Secur pref ear A.
97
87 Feb 8 97 Aug 17
*95
97
97
*97
97 *95
97
*95
97
9712
Jan 11434 Dec
95
933 Arnoriean Snuff _____ _100 l0912 Jan 3 15312Sept 6
*147 15112 *148 15112 145 148 *145 15112 14378 144 *137 142
437 4412 4438 448 4334 4412 4318 484 4234 44
18 Aug 35 Dec
4234 4378 20,103 Am Steel Fdry tern etts..33 1-3 3034 Jan 26 4`14 Sept 11
100 91 Feb 8 10814 Sept 11
Do prof tern ctfs_ _
300
104 104
*104 106 *104 106 *104 105
78 Aug 9514 Des
104 10118 *104 106
Jan
47511 Oct 96
7934 7734 7914 7712 7812 7,700 American Sugar Refining_ _100 5418 Jan 4 8578 Aug 21
7912 80
8014 79
7912 7934 79
100 81 Jan 3 112 Aug 18
Do pref
6712 Oct 10714 Inn
*110 112
11012 11012 10912 1104 2,063
11014 11014 11014 11014 *11012 112
2812 Dec 88 Mar
*40
41
40
408 407
3734 33'2 374 3784 2,803 Amer Sumatra Tobacco_ _ _ 190 2314 Feb 11 47 May 29
398 4112 39
100 5212 Jan 27 71 Jan 16
6434 Nov 9134 Feb
67
Do prof
200
*68
6934 67
70
70
*68
*6812 6934 6812 6812 *83
9534 Jan 11912 Nov
12158 122181 12134 12238 12138 12178 12038 12158 12038 12078 12038 1204 25,400 Amer Telephone & Teleg_ _100 11412 Jan 4 12814 Aug 31
100 12918 Jan 5 16912Sept 1 11112.June 13634 Doe
156 159
6,409 American Tobacco
16014 161141 16158 16338 16034 16278 160 161
15634 153
86 A ng 9912 Dee
_ _ _100 9,312 Jan 3 10712Sept, 7
Da prof (aew)
100
*106 10612 *106 10612 *106 10612 *106 10812 10612 10812 *108 10812
Jan 131 12 Dec
Da common Clan B._.A03 120 Jan 3 16534Sep1 5 110
4,603
158 158
155 15734 15312 15412 15112 153
157 157
158 159
612 Oct
4 Sept
100
6 Jan 7 23 Sept 15
1,400 Am Wat Wks & El v t c
22
22 I 2178 2234 22
2212 2212 2234 23
2214 2234 22
6658 Dee
Sept
4
48
Jan
67
937
13
Sept
8
c_100
t
91
*85
v
9112
(7%)
92
pref
*85
lat
*85
91121
92
*82
*91
Do
92
*90
81, Sept 20 Dec
Do pante pt(6%) v to 10(1 1714 Jan 4 542Sept 15
4614 454 464 3,000
4814 4858 4333 4834 4718 4712 4518 4718 46
57 Feb 8312 Dee
100 7814 Jan 10 105 Sept 13
9614 974 30,503 Amer Woolen
9838 9934 9312 994 9734 9914 9812 93141 9614 9712
Feb 10412 Dee
93
Do pref.
103 10212 Jan 11 11012Sept 11
103
10812 103121 *10412 110 I*10312 110
*108 110 *107 110 *108 110
Irner
Writing
Paper
pref. _100 2212 Jan 13 37,8 Apr 15
2012 Aug 3912 Jan
3414 33
323 5,703
34 I 32
32
33
3414 3514 33
35
33
634 Sept
1.438 Dee
1958' 1814 1834 1738 1838 3,030 kmor Zinc, Lead & Smelt. _25 1218 Jan 3 2018 fine 1
19
1912 1912 1978 194 *1934 20
DO prof.
23 31 Jan 18 57 Spt 23
2278 Aug 4078 Dec
1,393
51
5312 5014 51
51
5334 5412 52
55
55
55
55
3134 Aug 5038 Dee
25,800 Anaconda Copper Nflulug _50 47 141131 57 May 31
52
5234 5314 5134 53 I 51
5078 52
5314 5334 5318 54
24
2,900 Associated Dry Goods_ _10) 43 Jan 5 62 Sept 15
Jan .5012 Dee
60
5712 5912 5778 5818 5412 59
60
61
6112 *60
61
Do 1st pref_
303
85
190 75 Jan 6 8478Sept 26
*83
5534 .Jan 763, Dec
85
*83
85
8478 814 *83
86
*84
84
84
Jan 78 Dec
Do 2d pref.
45
109
93
*89
95
*89
100 76 Jan 17 91 Sept 12
95
*89
8914 8914 *90
*89 100
91 Sept 10712 Mar
11612 11734 11512 11812 3,403 Associated 011_
100 99 .fan 31 13512May 3
120 12112 118 121
11914 122
118 118
Jan
Atlantic
9
Fruit.
Oct
par
Ni,
433
4
*2
13
238
8
*2
23
12
17
218Sept
Apr
512
214
214
218 214 *24 212
24
*2
Jan
29 2934 11,000 At! Gulf & W 1 S 5 Line_ _109 2312 Mar 2 4314314y 29
18 June 76
2818 29
2858 2912 2778 29
*3014 3112 2978 31
Jan
Do pref
1534 June
1712 1878 1812 1912 2,909
100 1712Sept 23 3114015y 29
1812 19
1858 19
*2012 23
23
*19
2 May
25
'
120 Atlantic Relining
100 900 Mar 7 1210 Sept 27 a820 .11ine 01414
1125 1125 1150 1160 1160 1175 1180 1210 1175 1175 *1150 1200
Do pref
100 113 Jan 9 1184 Lute 30 10338 July 11312 Nov
*115 118 *115 118 *115 118 *115 118 *115 118 *115 118
Apr
No par 1312 Feb 28 221231sv 4
*1612 17
1238 Dec 20
303 Atlas Tack_
17
*1612 1712 *1712 1812 1712 1712 17
16
16
No par
344 3538 22,833 Attatin Nichols & Co
3658 3718 37
818 June 1314 Jan
3758 3612 37
3314 3614 3334 35
94 Jan 5 39345ept 21
Jan
Do prof.
89
100 68 .ran 9 91 Sept 12
*85
200
89
*85
89
5038 Aug 70
*87
88
*85
88
8812 8812 88
514 Dec
50
212 Sept
7 Mar 17
100 Auto S310i Corp
3 Sept 12
*278 312 *278 312
312 312 *278 31
*278 4
*278 4
Jan
15
Do prof.
200
Apr
10
1212
50 1012 July 27 1512 NI Ir 16
*1112 1212 *1112 1212 *11
12
12
*____ 12 *____ 12
6214 June 10038 Dec
13158 13334 13078 13234 13078 13418 119,930 Baldwin Locomotive 194.1_100 9312 Jan 13 14518Sept 13
13334 1354 13312 13538 13214 134
Dec
prof
2105
100
June
95
25
1
118
*116
118
101
Sept
1*116
11514
118
13
Jan
*116
118
*116
11514
11514
*11512 120
Loather
Aug
et Iea
29 Jan 41
200D
No par 40 Jan 19 6758Sept 11
200 BarO)
*59
60
60
62
62
*60
62
62
*6214 65
*6212 65
Do pref.
100 89 Apr 12 97125ept 13
70 Jan 86 Dec
109
*95 100
*96 ____
*95 100
9712 9712 *95 100
*9712 100
20 Dee 27 May
39
3712 3914 3614 3712 3512 3758 12,709 Barnsdall Corp, Class A._ _25 1938 Jan 16 5614 Apr 28
3858 4038 38
40
*39
Jan
25 19114Jan
1434 June 35
Do Class B
2j
9 39 Apr 27
203
27
*26
28
26
26
26
28
*25
29
*26
29
*25
*34 1
Jan
1
12 Aug
20
158 Mar 23
14
400 Bacot/11as Nailing
*34 1
*34 1
1
"4 1
*34
*34 1
June
29
Bros
June
par
No
27
Bayak
22
23
Apr
33
Sept
85
3
0
0
5
60
5614
*55
56
60
*55
59
62
4
,
59
4
,
*60
6278 63
3312 June 624 May
Bethlehem Steel Corp._.100 51 Jan 10 79 :May 12
71
71
7412 754 *72
73
76
7712 76
*76
77
*75
1112 June 85 May
Do Class B common._ _ 100 5512 Jan 3 8214May 12
7114 7234 359,003
7534 7614 7538 7638 7318 7514 7218 74
76
76
June 9314 Jan
87
31
prof.
100
105
7
Mar
8
907
Aug
Do
101
*97
209
101
*9712
101
101
103
*101
101
101
*10012 101
90 June 112 Sept
0 101 Jan 4 11658 tune 14
1)0
Do cum cony 8% pref_ 11 0
600
112 112
11114 11112 11133 11138 *111 113
*111 114 *11112 113
712 Dec
3 Aug
434 Jan 10 1012 Aug 30
No par
9)4
*83,
84 834
833 834 1,600 Booth Fisheries
812 812
*9
912
9
9
9 Dee
814 Dec
British Empire Steel
812 Jan 9 1412Sept 14
14
*11
1278
14
*12
1334 *11
*11
14
*12
14
*11
.55 Dec 5858 Dec
ft
i.ori
dt op
1s
100 58 Mar 2 7634 Apr 15
Do 2
00
10
6
71
7114 *71
74
75
*72
76
*72
75
*72
75
*74
22 Dec 2338 Dec
100 1918 Mar 17 39 Sept 14
37
*35
36
3312 3412
*35
36
*35
38
*35
*3518 40
88 Jan 101
Dec
100 WO Jan 3 12458 Aug 39
11712 11734 116 11634 11534 11618 118 11614 116 116,2 2,400 Brooklyn Edison, Inc
11658 117
51
100 70 Jan 31 12212 Aug 30
Jan 7813 Nov
703 Brooklyn Union Gas.
115 115
11512 116 *11512 117 *114 117 *114 116 *112 116
16
644
Jan
Nov
11
Inc_
42
Sept
Shoe
100
Feb
Brown
33
463y
62
1,203
59
5912
*59
60
594
61
4
3
60
624
6234
*6012 63
212 Aug
Brunswic% Term & Ry See 100
541utte 6
218 Mar 3
514 Jan
*212 3
*212 3
*212 2
*234 314 *234 314 *234 3
100 11312 Jan 10 139I2June 5
8114 Jan 12212 Dec
3,600 Burns Bros
137 13718 137 13734 138 13614 13412 13512 13318 13412 13212 134
B
Class
new
5114
19,
corn
Aug
Do
3118
Jan
3
18
283
Dec
8,600
4 Dec
333
46
4838
1
/
4714
455
464
4
453
8
473
4612
48
47
4712 48
Bush Term fildgi.
__
8714 Jan 31 19014839; 23 28734 Dee 90 Nov
10014 1004 *9514 9712 *9412 9712 *96 9712
*9012 98 *____ 100
Butte Copper & Zinc v t
Deo
7
614
814June
Aug
11
314
Mar
2,100
514
74
4
63
4
718
63
64
64
8
3
7
8
,
7
1
738 Vs
7 4 738
900 Butterick
18 July 27 34 Feb 3
1412 Jan 3334 Dec
20
20
1912 1912 *1914 20
2012 21
21
2114 21
21
1014 Juue 22 Dec
3212 3034 3134 3012 314 6,700 Butte & Superior Mining._ _10 204 Jan 4 333431ay 18
3212 3212 3212 3258 3118 3212 31
1058 11
11
734 Aug 1938 Apr
1112 1012 105)) 3,400 Caddo Central°Mae No par 104 Aug 33 1518 Apr 15
11
11
104 11
*1012 11
86128epc 12
No par 68 Jan
8212 824 8212 83
5358 July 74 Nov
3,100 California Packing
8312 8312 84
8412 8312 8334 8212 84
California
Petroleum
100
4318 Jan 10 714June 2
25 Jun 5058 Doe
6334 624 6358 28,900
6234 6512 62
65
6238 6338 6338 6512 63
Do pref
100 83 Jan 3 9812 Apr 17
6812 Jan 88 Dec
96
96
96
96
96
300
*94
96
*95
96
*95
96
*92
Zinc-Lead
Callahan
10
514
934
918
14
914
Feb
9,300
94
8
3
113
9
27
738 Jan
8May
334 Aug
918
958
914
8
93
912
938 958
400 Calumet Arizona Mining..,to 5734 Apr 5 6612J1ine 1
*5914 60
60
5914 5914
4112 Jan 60 Dec
60
61
*60
61
61
62
*60
1
Carson Mil Gold
Nov
10
1.512
29
Aug
10
8
163
Dec
10
*____
11
29
Mar
10
*---10
10
10
No par
1014 Apr
600 Case (J I) Plow
3 Mar 8
5
5
3 Nov
5
5
512 6
912 June 6
6
6
*--f-314 614 *512 612
*90
92
63 Dec 8538 Feb
92
9134 92
*90
200 Case (J I) Thresh M,pf ett 100 68 Feb 21 9314 Aug 23
92
*90
92
*90
92
*90
100 2938 Jan 10 4418 Sept 13
3978 4038 3934 40,2 11,000 Central Leather
41
2218 Aug 4314 Jan
4158 4138 40
42
4034 4138 41
Jan
100 6338 Jan 6 8234Sept 14
Do prof
7912 7812 7812 7858 7858 2,000
5718 Aug 96
7914 8012 79
8014 81
82
*80
3718 3712 6,203 Cerro de Pasco Copper _No par 3234 Jan 4 41 14Sept 7
38
3712
8
387
23 Mar 3612 Dee
3712
4
383
3814
3912
8
3
38
3938
3938
Jan
Prod_
par
___No
44
Certain-Teed
Aug
47
22
Feb
1,000
347,4
4314
79
53:4
5
14
47
45
June
8
45
41
7
47
*45
47
47
47
47
3814 Oct 86 Apr
Jan
5934 61
Apr 6
5934 6112 17,000 Chandler Motor Car__.No par
5934 61
5912 61
60,4 6058 6033 61
7014 Jan
Pneumatic Tool_100 60 Jan 14 8912Sept 8
Aug
Chicago
78
80
47
7912
79
79
784
2,200
81
80
824
82
83
*82
25 1518 Jan 5 26583.,pt 21
9 Mar 1678 Dec
37,500 Chile Copper
2518 2618 2458 2558 2438 2514 2458 25
2538 26
2534 26
5 2512 Feb 21 3333June 1
1912 Mar 2912 Dec
2958 2812 2878 2813 2914 5,674 Chino Copper
2934 304 293s 2912 29
*2978 31
June 6212 Jan
&
Peabody
_100
Cluett,
43
361,
60
6014
Aug
6814
61
60
Jan
2,000
31
62
11
60
62
4
613
*6212 64
*6212 64
No par 41 Jan 5 7412 July 5
19 Feb 4312 Dee
7312 7053 7233 71
78,600 Cora Cola
73
6714 6912 69313 7133 7012 7278 7012 3312
100 24 Jan 10 36431ay 19
22 July 3234 May
3212 3312 32
3212 2,200 Colorado Fuel & Iron
3334 3412 33
34
34
*3358 34
52 June 6734 Dec
10818 1107/3 10614 10914 10614 10812 10658 1094 31,100 Columbia Gas & Electric_ _100 6434 Jan 4 1147sSept 14
109 11038 11012 112
1234 Jan
314 314
318 314 7,600 Columbia Graphophone No par
314 312
233 Aug
1 14 Jan 26
534.1une 5
312 312
312 338
3,2 3,2
prof
100
84 Dee 6214 Feb
2
Do
5
13
9
8
Feb
137
1
*1312
2014June
800
1312
1312
13
1412
2
*13)2
1412
*1312 1412 *1312
Dec
5878
par
June
Conaputing-Tab-RecordNo
4
283
26
5514
Apr
Jan
6,200
7018
4
8
793
717
3
7114
70
4
693
4
703
7414 7412 7258 7234 7178 7212
l312 Dec 5914 Jan
3814 3534 3713 7,100 Consolidated Cigar.___No par 1858 Feb 10 4112Sept 20
35
3512 37
3812 38
3814 3873 3838 39
Feb
80
1100
Dec
53
47 Feb 27 8118Sept 21
Do prof
80
*78
*78
82
100
82
*78
82
*80
82
80,2 80,2 *78
12 Sept 10 Mar
214 Mar 16
38 Feb 17
38
14
14
4
38 1,100 Consol Distributors,Ine No par
*14
38
*4
313
*14
33
*14
Nov
95
Jan
7712
(N
Gas
13614
100
Y)
Consolidated
15
30
Jan
8512
Sept
13414
14534
13312
136
13712
57,300
13812 13812 13518
13912 14012 139 141
1234 Aug 214 Jan
9 July 25 1538 Apr 19
978 10
938 934
1014
94 934 9,500 Consolidated Textile...No par
*1018 1038 1018 104 10
100 4534 Jan 4 92 Sept 9
3436 Aug 66 Jan
87
8512 87
7,900 Continental Can, Inc
8412 86
884 87
8734 8734 8734 8938 87
5858 Aug 73 Dec
25 66 Jan 20 9354 Aug 22
*89
91
91
*89
91
100 Continental Insurance
91
91
*89
91
*89
91
*89
59 June 0914 Dec
11134 11414 11158 11418 24,500 Corn Products Refining_ _.100 91 14 Jan 4 12034Sept 9
116
11514 11678 11612 11712 11534 11634 11312 123 *119 122 *118 122
96 June 112 Dee
100 111 Jan 10 11958 Aug 23
Do prof
*117 121 *118 122 *120 12212 *119
2212 Aug 4334 Apr
No par 3138 Jan 10 5314.Iune 7
4918 5018 4812 4958 474 4912 58,900 Cosden & Co
5012
4912
5058
5018
4978 50,4
49 Aug 1071? Jan
84
87
8358 86
36,900 Crucible Steel of Atnerica_100 5234 Feb 27 9833 Sept 5
8414 89
9014 8714 89
89
8834 90
100
Jao
Sept
100
17
77 Junt. 91
Jan
6
80
pref
Do
*95
97
98
*93
8
953
95
9538
200
95
98
*95
98
*95
1934 Mar 15
558 Oct 26 Fcb
818 Jan 11
No par
1338 1334 5,100 Cuba Cane Sugar
1418 1334 1414 1358 1334 1338 14
1334 1334 14
3
Jan
1514
Feb
3
417
Dec
6812
1318
July27
100
Do
3513
prof
36
4
363
35
7,800
37
3518
3612 3634 3678
36
*3512 36
1078 Oct 3334 Feb
2212 23
2214 23
13,800 Cuban-American Sugar__ --10 1412 Jan 3 28 Aug 4
2338 2212 23
234 23
2212 2278 23
88 Ort, 95 Feb
100 7818 Jan 17 93 Sept 16
97
*96
Do pref
96
97
98
1,900
97 *95
9712 97
*95
9712 97
43
June
par
655
13
8
6
8
Apr
475
c..No
4914
5038
23
t
v
Chemical
4712
Davison
49
Mar 5958 Nov
10,900
49
5234 4978 5118
494 5034 51
1512 Jan 3 2838May 2
21
2138 2078 21
Jan
1314 June 21
1,400 De Beers Cons Minas_ No par
*2134 2214 2158 2158 *2112 2178 113 113
*2158 22
11 11812 Aug 30
Jan
100
8
1003
9312
Oct
Detroit
Edison
113
11114
112
Nov 100
600
*112
114
*109
11312 11312 11338 114
36)3 11,800 Dome Minas, Ltd
10 1812 Jan 4 3938 Aug 31
3758 3614 3634 35
1018 Jan 2134 Apr
3834 37
37
3812 39
3712 38
8312 8412 8334 84
Eastman Kodak Co__ __No par 70 July 3 4314 Aug 28
8
847
11,100
84
85
8458
85
8412
8458 8512
149 14934 14778 149
5,000 E 1 du Pont de Nem & Co_ _ 100 115 May 27 156345ept 8 _
14412 152
145 1454 14312 153
144 145
.June 12 9012Sept 8
6% cum'', nreferred._ _100
894 8978 8878 8878
89
500
*8814 8834 8834 8834 8814 8814 89
Zs-dividend. s Par value $10 per snare,
•Bid and now prim= no sales on ON d&p.£18e-ilivIdend atm Mama. • Assessment paw. a 58z-rIgtu.s.
•
New York Stock Record-Continued--Page 3
1515
For sales during the week of stocks usually Inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT
Saturday,
Sept. 23.
Monday,
Sept. 25.
Tuesday,
Sept. 26.
•
*
•
•
•
Thursday,
Sept. 28.
Friday,
Sept. 29.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ Per share 5 per share $ per share IS per share $ per share $ per share Shares Indus.& Miscell.(Con.) Par $ per share 5 per share $ per share $ per share
5314 51; 53
5158 5212 30,200 Electric Storage BatteryNo par 4012June 17 5334 Sept 25
5018 5012 5012 5334 5212 5334 52
2112 1918 19; 1938 19; 1914 1912 1914 1938 1934 1934 2,400 Elk Horn Coal Corp
•19
50 1414 Jan 25 2314June 14
16
Jan 25-3-4 May
8
812 *7
*712 812 *7
8
8
812
1,000 Emerson-Brantingham__ 100
*8
7
7
1118June 5
258 Jan 4
212 Dec
97s May
8412 8518 84
8514 8238 8418 8238 834 5,000 Endicott-Johnson
86
86
87
*85
50 7614 Jan 10 8912Sept 1
52
Jan 81
Dec
116 116 *113 118 *113 115
Do pref
400
115 115
116 116
116 116
100 104 Jan 5 116 Sept 22
Jan 10612 Dec
87
9518 97
9312 9534 9134 94
9718 9734 9712 98
9214 9414 29,400 Famous Players-Lasky_No par
7518 Jan 10 107 Sept 5
4458 July 8212 Apr
10158 102
Do preferred (8%)
10314 10314 10234 103
1,100
103 103
10112 10112 101 101
_100 9112 Jan 28 10738Sept 5
74; July 97 Dec
*1212 1334 *1212 14
*1212 1512 *1212 16
300 Federal Mining & Smelting 100
*1212 15
*1212 15
9 Jan 3 1612May 17
518 June 13; Dec
5918 60
61
*60
60
5812 5914 58
Do pref
5812 1,400
*6018 6012 60
100 3712 Mar 14 6234Sept 20
21 Sept 4312 Dec
100 Fisher Body Corp
118 118
*116 120 *116 120 *110 11812 *112 119 *116 118
No par 75 Jan 5 12712 Apr 20
75 June 90
Jan
92
92
92
925
8
923
4
8
Body
9212
Fisher
Ohio, pref_ .....j00 7612 Jan 5 10314June 14
93
700
9318 9318 917
*92
93,8
57 Sept 84 Dec
1312 *1314 1312 127 1318 127 1278 1234 128 12; 1258 1,700 Fisk Rubber
*13
25 1138 Jan 10
1912 Apr 25
8; Aug
193 May
2234 2234 227 2312 2212 2318 2134 2258 2138 2218 2118 22,2 13,500 Freeport Texas Co
No par
012 Aug 2012 Jan
1214 Jan 24 2678June 3
66
*6412 6512 *64
63; 6418 6212 6312 6318 6318
66
66
700 Gen Am Tank Car
No par 4534 Jan 14 71 Sept 11
3978 Oct 5912 Dec
6218 6314 6018 6212 5834 6158 5918 61
51,800 General Asphalt
6314 6438 6314 641
100 5518 Jan 26 733 July 20
3918 Aug 7838 May
9612 93
9512 9512 *94
94
*94 100
90
*92
93
1,100
95
Do pref
100 90 Jan 10 Ill July 20
77 Aug 11712 May
793
81
4 80
*80
79
79
80
77
80
78
7718 77,2 2,700 General Cigar, Inc
100 65 Mar 3 8212Sept 5
54
Jan 7038 Dec
Debenture pref
*102 108 *103 107 *103 107 *100 107 *100 107 *102 107
100 94 Jan 4 106 Sept 15
8018 Apr 9512 Dec
17812 17812 179 17912 17818 17934 175 177; 17312 17412 17412 17412 3,200 General Electric
100 136 Jan 9 188 Aug 22 10912 Aug 14334 Dee
1418 14; 1414 1412 1414 1434 1418 1434 1418 14; 14
814 Jan 5 1514July 15
1414 72,033 General Motors Corp__No par!
1614 Jan
938 Aug
85
*84
*8412 85
*81
85
*84
85
Do pref
8434 8434 *84
100
85
100 69 Jan 21 88 Sept 2 63 June 75 Dec
85
8458 85
*8412 8534 85
*8434 85
Do Deb stock (6%)_ _ _100 6734 Mar 6 86 Sept 1
903
8412 8412 84
8414
60 Aug 7312 Dec
99
99
9834 9834 9812 9812 *98
*9812 99
Do Deb stock (7%)__ _100 7914 Mar 8 100 Sept 1
400
99
*98
9812
69 Aug 85 Dec
1412 *1134 1414 *1334 1414 14
*14
1434 1358 14
1,800 Glidden Co
14
14
No par
1358July 1
1814June 2
3414 3312 333
3333 3338 3312 3312 3278 3312 3,230 Goodrich Co (B F)___ _No par 3218 Aug 7 4478May 31
3312 3312 34
26;June 4118 Jan
85
*84
85
*84
*83
85
*84
85
8334 8334 *83
Do pref
81
100
100 8334 Aug 7 91 Apr 22
6212 June 86
Dec
3112 32
3112 308 31
*31
31
31
4,200 Granby Cons M,Sm & Pow100 26 Apr 3 35 May 21
3053 3058 2914 30
15 Aug 3412 Nov
*1212 1312 1214 13
1258 1258 12
12
1112 1112 1112 1158 1,600 Gray & Davis Inc
1112Sept
No par
23 1978May 31
912 Jan
1634 Mar
3114 *31
*31
32
32
31
*3034 32
3034 3034 *30
300 Greene Cananea Copper_ _100 2534 Feb 27 3458May 29
3034
19 July
2912 Dec
1112 11
1118 11
*11
11
11
11
700 Guantanamo Sugar_ _ _ _No par
*1034 11
7 Feb 16 1458 Mar 15
1034 1078
512 Dec
16% Jan
8118 8438 8814 9178 85
857 90
9018 83
8712 8314 8638 91,203 Gulf States Steal tr ctfs___100 418 Jan 9 907
3 Mar13 Jrsn 20
25 June 50% Dec
18
*178 2
178 214
17
2
134
12 Nov
178
134 2
34 Jan 20
134
178 2,300 Harbishaw Elea Cab No par
13; Jan
26
27
2634 26
27
2612 26
2612 2412 2512 2434 25
4,500 Hendee Manufacturing......100 15 Jan 12 2334Sept 16
13 June 2518 Apr
*7112 7412 *7112 7312 *7112 73
7112 7112 *70% 7412 72
200 Hornestake Mining
72
100 55 Jan 11 75 Apr 11
4912 Mar 61 May
7912 7912 7914 8112 79
80
7758 8112 77
7912 7712 80,4 9,600 Houston Oil of Texas
100 70 Jan 9 85 June 3
4912 Aug
86 May
22
2178 227
2212 22; 23
22
22
5,030 Hrop Motor Car Corp__._ 10 1078 Jan 6 23f8 Sept 12
21; 2134 2118 22
1012 June
1634 May
718 7;
712 712
7
714
312 Feb 9 14 June 2
7
714
No par
634 7
6,2 634 4,400 Hydraulic Steal
Dec
6
2034 Jan
434 5
434 47
412 434
438 434
438 412
438 458 11,700 Indlahorna Refining
5
314 Jan 27
2 June
558May 26
718 Jan
814 812 *812 9
800 Indian Refining
812 858 *814 812 *814 8;
10
5 Jan 20 115gJune 7
612 Dec 15; Jan
4012 3934 40
4712
2 4133.,
39
40
3834 3912 3818 3S% 3,600 Inspiration Cons Coppet ._ 20 3712 Feb 11
15 June 1
29; Mar
4214 Dee
*9
10
*9
10
*9
10
*9
10 I *9
Internal AgrIcul Corp__._100
10
*9
10
758 Jan 6
6 Aug' 13; Jan
1134May 4
*3614 37
*3614 37
37
37
*3614 38 I *3578 38
Do pref
109
*3614 37
100 33 Jan 16 43 Mar 15, 31
Deci 57
Jan
*3178 3212 31
3178 3112 31121 32
32
32
32
3958 31 I 2,603 International Cement_ _No par
26 Jan 23 3834May 81
21 June 29 Nov
2912 3014 2938 3038 2814 291
. 27
2858 26; 2312 27% 28; 32,303 Inter Combos Eng
No par 214July 22 13
148
0 _9(133, :
sj,j
eugtc, 2
A
,
72
8S
0
1
10912 11014 10914 10912 109 109 *10734 109
10534 108
10514 10512 2,800 Internat Harvester (new)__100 79; Jan 3
Aug 1051; Feb
*116 119 *115
____ 119 119 *11812 119 *115 119 *118 119 1
Do pref (new)
201)
100 10512 Feb 14
jiine 110
Jan
1458 1434 1412 1412 1414 1434 1412 1412 13; 1418
1378 1414 4,500 Int Mercantile Marine
100 13% Aug 9 2712May 3
718 Aug
1714 Jan
5858 5914 58 5834 5718 573 56 5712 56; 5838 57; 5914: 19,000
541
Do prof
100
36 Aug 6734 Dec
Sept 12 8738May 3
7
1714 1734 1738 17
1714 1712 1634 1712 1612 17
1614 1658! 8,400 International Nickel (The) 2: 1114 Jan 9 5412Sept 12
17 May
1112 Aug
84
8414 *82
*8212 84
84
*82
84
*82
84
Preferred
8212 8212'
400
100 60 Jan 4 85 Jan 20
60 Dec 85 May
5714 5813 5712 58
5618 5712 5514 57
5513 56
5538 56781 10,330 International Paper
100 4313 Mar 8 6158Sept 12
38; Aug 7334 May
*78
7914 7914 7914 *7814 79
77
78
77% 7738 77
Do stamped pref
700
77 I
100 59 Mar 9 8012Sept 11
67 Aug 7534 Nov
1514 1512 1538 16
1518 1534 1434 1514 1458 1434 1412 1538 16,600 Invincible Oil Corp
50 1218July 24 2014 Apr 17
512 Aug
26
Jan
47; 4878 4612 47; 4518 4814 4318 4612 4358 4614' 24,200 Iron Products Corp_ _ _ _No par 24 Jan 19 50 Sept 15
48
47
2212 Sept 40
Jan
34
54
58
58
58
34
54
54
58
34 6,500 Island 011 & Transp v t c
55
34
10
58 Apr 6
434 Jan
2 Sept
3 Jan 25
1842 1812 1812 1914 19
20
15
20% 18; 19
*1834 19 1 6,403 Jewel Tea, Inc
100 10 Jan 4 2212May 2
4
Jan
1212 Dec
64
64
64
*60
65
65
*63
65
*63
Do pref
65
503
*63
65
100 3812 Jan 4 7312May 26
4631 Nov
8'2 Jan
5114 497 5012 49
50
5012 51
50
4918 50
4878 4914, 5,309 Jones Bros Tea, Inc
100 3112 Feb 11
1112 Jan
577sSept 21
3334 Dec
418 414
4
414
414
4
414
4
4
418
21,000 K snsas & Gulf
37 Aug 9
378 4
112 Oct
712 Jan 3
10
9 Nov
4512 4614 4312 45
45
45
4318 41
4314 44; 43
5,030 Kayser (.1) Co. (new) __No par
44
31 May 1
1858 Aug 3 ---- ---10334 104
104 104 *101 10212 *101 102 *101 102
104 101
1st preferred (new) __No par
1,200
94 May 1 10612June 9
4212 4314 4314 4312 4258 43
40
43
3914 40; 39
10,300 Kelly-Springfield Tire
41
547 May
25 3414 Jan 4 5334May 5
3212 Aug
10412 10112 *104 105
104 104
*10412 107
103 103 *10312 10212
Temporary 8% pref__ 100 9012 Jan 4 10734May 13
303
7014 May 94
Jan
*8312 85
*83
85
85
*83
*83
85
6% preferred
83
100
83
81
*81
7112 Jan 3 86 June 51
70 May
80 June
98
*95
98
95
*95
*95
95
96
95
400 Kelsey Wheel, Inc
95
9412 9112
100 61 Feb 9 111 Apr 61
35 Mar 69 Nov
35; 3578 3512 3534 3518 3534 348 35,8 33; 34; 33
3418 19,900 Kennecott Copper
No par 2512 Jan 4 393*May 31
jan 27% Dec
81, Mar
16
714
814
8
818
812 812
7; 838
8; 838
712 818 15,400 Keystone Tiro & Rubber__ 10
714 Sept 27 2438May 4
1778 May
175 175
177 180
175 175
172 175
17214 17214 173 175
1,800 Kresge (55)(
C_o
tte_outs)
_ 100 110 Jan 10 177123apt 21 130
Jan 177 Dec
L 8114 8154 8114 8218 8114 8134 79 81; 7814 7958 7614 7918 22,
100 4412 Jan 4 8278Sapt 20
32 June 5812 Jan
Lackawanna.ac
9018 9018 *86
Gas T1 V
8912 *88
4 90 90 *89 91
300 Laclede
89
89
89
100 43 Jan 13 9412 Aug, 28
40
Jan 5712 May
. 2512 *25
2534 2534 251
600 Lee Rubber & Tire_ __No par
2534 25
0 *2514 26
25
2518 25
1712 Jan 30 Dec
2434Sept 7 3518 Mar 16
100 Liggett & Myers Tobacco_100 15314 Feb 18 220 Sept 19 13814 Jan 161 Dec
*215 230 *215 230 *215 225 1*215 225 *210 225 *210 225
Do pref.
•117 11912 *11812 11912 *11812 11912, 11912 11912 *119 122 *11912 122
100
1%)
. 108 Jan 10 122 Sept 9
9758 Jan 110 Nov
60
60; 5934 6012 5858 5934' 5634 5914 5712 5878 571 593 21,403 Lima LocoWkstetnectfsNo P
5334 Aug 3 653sSePt 1
*118
____'*118
____ *118
____ *115
____ *11512
- ---- ------Preferred
_*11
6100 93 Jan 30 12518 Aug 30
7 1601-4 -n-e-o
871-2 Aug
2118 2112 2034 21141 2014 2114 2012 21
2014 2078 2014 2078 35,00 Loow's Incorporated___No par
1114 Jan 26 2312Sept 19
2112 Mar
A
10
734 June
1212 1314 127 1358 1234 1234 1212 12,2 1212 12; 1212 1212 2,900 Loft Incorporated
No par
9 Jan 9 1414May 3
1234 Jan
*174 180 *174 178 *173 180
17114 174
166 16978 1,300 Lorillard (P)
17014 172
10014714 Jan 6 180 Sept 8 136
Feb 101413 Feb
117 117
100, Preferred
118 118 *110 125 *110 130 *110 130 *110 130
loo 109 Jan 13 120 Sept 12 100
III
Jan
Dec
*99 100
*95 100
1001 Mackay Companies
*95 100
*95 100
*97 100
*95 100
100 72 Jan 5 107 Aug 30
72 Dee
5912 Jan
*6834 69
69
69
69
6912
Do pre(
103
69
6912 *69
*69
69
69
100 57 Jan 13 69 June 1
June 62 Dec
55
58
58
58
58
55
5612 57
5518 56
5578 5,800 Ninrilt Trucks, Inc
5513 57
No par 2513 Jan 13 617 Sept 11
2512 Oct 42 May
*9112 93
*9112 94
1,000
Do 1st prof
8812 89
9034 9034 90
908 8812 89
100 6812 Feb 27 91;Sept 11
6318 Oct 76
Jan
*84
86
*85
86
*85
83
37
*83
87
Do 2d pref
303
8358 *83
85
100 51 Jan e
Oct 6412 Apr
8734 Sept 19
51
7
34 1 34
31; 3314 31; 33
33
3412 3434 3312 3412 32
9,900 Mallinson (II It) & Co_No par
1512 Jan 16 40 Aug 23
Jan
18 Sept
10
*4114 43
*4114 43
4114 4114 42
*4114 43
*4114 42
42
200 Marian Sugar
100 3014 Jan 3 52 Mar 13
Oct 8912 Feb
21
8014 8014 *7812 80
*7834 80
*80
80
80
82
*80
82
Preferred
200
200 ma
uhattau
100 7314 Apr 3 8414 Sept 13
Jan 93
Jan
92
*5212 5414 53; 5338 *5414 5712 *5314 54; *53
54
53
53
Elec Supply No par 41 Mar 13 6934 Apr 24
4114 4112 42
4214 41
4218 42
4118 4012 41
41
42
3,4001 Manhattan Shirt
95 32 Mar 6 4214Sep1 21
18 June 3634 Dec
4014 4014 41
40
3912 39
3912 4034 3914 40
39
401s 19,500, NIarland Oil
No par 22; Jan 6 4638June 19
1218 Aug 30% Nov
*15
*15
17
18
15
17
15
*15
*14
14
17
14
5001 Marlin-Rockwell
No par
512 Mar 4 2638 Mar 27
Oct 1912 Jar
5
3114 32
31; 3212 3118 3118 3012 3012 2812 3018 2912 2912 3,300 Martin-Parry Corp
No par 2014 Jan 4 3614June 3
13 Sept 22 Dee
4612 4758 *47
49
48
48
47
48
4653 4578 4612 4612 1,700 Mathleson Alkali Works
50 22 Jan 11 5012Sept 8
24 Nov
1112
Aug
58
5734
57;
583
4
58
5712
5758 5634 5712 5658 57
58
2,2001 Maxwell Mot Class A
100 48 Mar 17 7434Nlay 17
38 June 4512 Dec
1814 1814 1814 1814
1738 1814 1738 18
1834 1834 1812 19
8,400 Maxwell Mot Class B_ _No par
11 Feb 15 2578June 8
8 June 1538 Des
126 13012 12612 129
13014 133
132 133
130 130
12612 130
3,6001 May Department Stores _110
00 101 Jan 3 13814 Sept 12
6512 Jan 114 Dec
1812
1713 18
1818 1814 1912 1818 19; 18
18
1738 177.8 8,303 McIntyre Por Mines
10; Jan 10 2158 Mar 23
180 18312 141,030 Mexican Petroleum
186; 18814 18434 18914 18512 18878 185 18934 18212 187
100 10634 Jan 10 20112June 26
8412 Aug 1671; Jan
*9712
9912
9912
*9612
*96
9912
*9712
9912
98
97
9712j
*96
100
Preferred_
7914 Jan 12 99 Sept 5
2012 21
2012 207
2038 21
20
2138 20; 21
20341 16,430 Mexican Seaboard 011__No par
21
1812Sept 6 3412J uly 13
1712 1734 17% 1712 1718 1714
1718 1712 1658 1718' 6,590
18
Voting trust (Ars
18
15 July 27 3218July 13
2812 2758 28
2718 2758 3,503 Miami Copper_
2812 2834 2812 2834 2812 2812 28
5
1534 Jan 28 Dec
1312 13
1312 29,500 Middle States 011 Corp.. __ _ 10 2534 Feb 15 3133May 31
1314 13; 13; 1334 1338 1334 1314 1312 13
1158 Jan 11
10 July
16 Apr 17
1612 Nov
347
33;
343
34
3414
4
3314
1
3034
353
4
51,100
342
32;
Midvale
Steel & Ordnance_ 50 2612 Jan 6 4514May 17
3514 3512
June 3312 Jan
22
7314
7338
72
7312 72
7212 71; 72
75
*73
3,600 Montana Power
75
*73
100
43 Aug 6438 Dec
2134 22
2218 23
21; 217
2118 2134 12,000 MontWard&Co1lL500rpNo par 63 Jan 4 7638Sept 1
2218 2214 2218 23
12; Dec 25 May
12 Feb 11 2534 Aug 11
21
2078 2078 1918 1912 *19
22
2234 21
21
1,500 Mullins Body
*2134 22
No par
1912 Jan 7 34 Mar 31
1734 July 2878 Jan
*1434 1512 *1434 1512 14; 1434 *1412 15
16
300 National Acme
*1458 1512 *15
Jan
50
1038 Jan 9 2114 Apr 25
1018 Dec 30
159 16134 161 164
157 158
16114 175
4,750 National Biscuit
*157 16112 *157 160
100 12314 Jan 4 175 Sept 29 102
Jan 12812 Dec
12412
*121
*122
12412
12412
*123
*123
12412
Do prof
*123 125 *123 12412
100
Jan
120
4
July
Jan
125
11312
7
105
Aug
59 I *58
59
59
5334 5334
59
50
300 National Cloak & Sult
62
*60
60
*57
100 26 Jan 17 667s Sept 13
15 Sept 355s Jan
*134
*134 2
17
178
178 *154 2
200 Nat Conduit & Cable_ No par
2,4
178
178 *2
5
r2
Jan
4314
15
3
88Aupt
2658 Sept
118 Jan 16 83
60
6014
6114
615
615
4
6018
8
14,400
Nat EnaaVg &Stapap'g___100 303
623
60,s
8
6214 6334
6118 62
65 Feb
11
Jan
4
103 10314 10212 103 1 1,400 National Lean
10534 106 *101 1057 103 101
105 105
100 85 Jan 12 11014Aug 29
6734 July 87 Dec
116 116 *114 116 *113 117
403
Do pref
116 116 *116 118
*115 120
100 108 Jan 10 116 Sept 25 100 June 108 May
17658 1512 1578
,, 3
1.5
72
1512 4,200 Nevada Consol Copper
5
18
61142 3
58 3
17
53
16; 16; 1614 1612 *3
9 Mar 1558 Dec
5 1314 Feb 16 1918June 1
*34
39
3512 36
1,503 N Y Air Brake (new)No par
3834 39
3834 39
352Sept 29 4158S4pt 20
3512
3418
3512
35
*3612
600
New
York
38
3812
Dock
*36
39 May
20; k
46 June 9
10(1
Mar
10
28
*57
*55
5912
3
*55
818
4 60
63
37
300'
prof
60
*58
*5814 60
*359912 6307
Jan
5712 May
45
100100 5314 Jan 17 6812June 6
*15
17
*15
17
N DY3ShIlprob
*15
17 "
*15
15
15
17
512 18
13,8 Dee 33 licb
No par
13 Jan 3 25 Feb 28
7
937
927
94
9218
94
,
8
4
923
14,909
North
94; 9458 9612 93; 9512
94
American Co
,4 Aug 46 Dec
32
15
4
Jan
44%
46
46
4534 4534 1,400
46
Do prof.
4614 4614 4618 4618 4618 4618 46
318 Aug 4112 Nov
38 Jan 7 4714 Aug 29
2714 2714 *2612 2712 2653 27
700
Rights
29
2712 28
is Deo
*26
*28
29
Dee
313 Jan 13 2818 Sept 15
3512 3512 31
34
36
300 Nova Scotia Steel & Coal_ _100 20;
36
38
*36
*3612 38
38
*36
2018 Nov 39 Mar
40 Sept 14
28
Feb
11
503' Normally Co (The).._...No par
*1118 1112 1114 1114 ills 4418 *1012 11,2 1058 1058 11
Mar
812
30
1278
Mar
Jan
4
123
14
July
7
7
*7
7
738
7
700, Ohio Body & Blow
7
7
7
*612 7,2
7
714 Nov
1158 Dec
To par
6 Aug 5 1414 Apr 17
2/2 2; 15,5001 Oklahoma Prod &Ref of
212 258
212 2; *7
258 234
2; 212
212 258
May
4
158
438June
2
Jan
8
8Sept
Am
21
5
8
*712 8
1,600j Ontario Silver Mining___ _100
734 734 *712 8
7,4 8
312 Aug
6 May
938 Mar 25
V, 712
412 Jan 6
2534 22,4001 Orpheurn Circuit, Inc
24
2438 2412 26
2458 2578 2458 2514 25
2518 26
eg
8
14
c 3058 Apr
7 D
5
Au
26
20
1 S
Aeupgt 3
1
1258 Jan 6 16
6001 Otis Elevator
148 148 *148 153% 148 149
147 147 *145 149 *143 150
148 May
Jan 4
116
100
1118 11
*11
1078 1078 1012 10% 1034 1034 1012 1058 1,800 Otis Steel
11
16
8 Nov
Jan
938 Jan 7 1612 Apr 11
• No par
3314 40% 35,300, Owens Bottle
39% 40; 4012 42
4238 39; 4238 3918 41
41
2134 Nov 5458 Jan
2478 Jan 27 4238 Sept 26
47
5
4; 47
478
512
1,7001 Pacific Development
412 4,2
518 5,2
5
5
Dec
Apr
4
27
193
4
1418
Jan
2
Sept
3;
83
8434 8512 86
84; 8178 8414 13,2001 Pacific Gas & Electric
8612 8314 86
85
87
4614 Jan 68 Dec
100 60 Jan 30 9118Sept 15
•Bleland asked prices no sales on this day. II Les* Putt' 100 stares. o Ex-dividend and rights.
•• fex-righta
40.8
4)
Wednesday.
Sept. 27.
Sates
for
the
Week.
1516
New York Stock Record-Concluded-Page 4
fourth page preceding.
For gales during the week of stocks usually Inactive, see
PER SHARE
PER St1.4RE
Range for previous
Range since Jan. 11922.
STOCKS
Sales
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
year 1021
On basis of 100-share lots
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Wednesday. Thursday,
Tuesday,
Monday.
Saturday.
Lowest
Highest
Highest
Lowest
Week.
29.
Sept.
28.
Sept.
Sept. 27.
Sept. 25.
Sept. 25.
Sept. 23.
per shard
share
per
$
$
$
share
Per
share
Par
$ per
Indus. & Nfiscell.(Con.)
174 Jan
$ per shore 8 Per shore $ Per shore $ per shore $ Per share $ pr shore Shares Pacific Mall SS
8 Aug
5 11 Jan 18 19 June 3
100
14
*13
14
1414 1313 1312 *13
8 Deo
Mar
1414 *13
.13
503
1412 *13
2712
4
6938May
Jan
4438
10
Oil
5,800 Pacific
547 5534 5438 56
5.434 57
57
5618 5634 5634 4758 56
38% Aug 793 Feb
8612June 26
50 48% Jan 11
79,600 Pan-Am Pet & Trans
78
7812 8012 7634 7914 76
7934 7812 80
7858 7938 78
3418 Aug 7134 Jan
8212June 26
10
Jan
44
50
B.
Class
Do
1
16,900
7318 7512 7134 7312 7034 72 2
75
74
6 Aug 1312 Dec
74
7414 7312 75
1212 Jan 4
513July 25
400 Panhandle Prod & Ref_No par
7
*6
7
718 7% *612 714 *612 714 *634
98 June 1512 Apr
"714 712
17 Apr 12
No par 10% Aug 10
500 Parish & Bingham
*1012 11
11
11
11
11
12
Jan
*11
13
*11
13
11
.
658 June 17
24
133
8May
638
Feb
27
par
No
to
v
St'l
board
Penn-Sea
6% 6%
6,2 612 5,000
5 Jan 6438 Deo
612 634
638 63
634 634
33
*634 7
15
Sept
09
4
Jan
5,400 People's G. L & C (Chic)_ _100 59;
94
93
9312 94
95
94
9534 9414 95
2612 Aug 3512 Jan
9414 9412 95
4 453 Sept 21
Jan
3112
50
Co
(Pittsb)__
Philadelphia
4,300
1
4318
44
43
8
4414 4334 4438 4312
44
4412 4478 447 45
3712 Apr 1051g Dec
No par 75 Aug 3 10518 Jan 3
Phillip-Jones Corp
92
*77
93
9112 9112 *75
91
*88
93
*88
90
16 June 3414 Deo
*88
No par 2814 Jan 11 5914June 7
Phillips Petroleum
5038 5138 5012 5212 4918 5114 4914 5034 30,300 Pierce-Arrow M Car
5013 52
914 Aug 424 May
51
51
Apr 25
8
245
24
July
par
8
No
3
12,000
1234 1334
1312 1234 1312 1234 13
Oct 88 Mar
13% 13
1318 135
13
21
15
Apr
49
24
8July
187
100
Do pref
5,200
34
32
3134 33
34
3334 32
Aug 1418 Nov
33
33
514
33
3334 337
12
Jan
12
6 Sept 21
25
614 10,300 Pierce 011 Corporation_ _
6
618
6
618 614
614 612
3012 Aug 73 Jan
612
63
3
614 612
Jan
71
27
Sept
32
100
pref.
Do
3712 3814 4,300
38
32
3814 35
40
1
40
3978 404 3918 397
5,500 Pigg Wig.; Stores Inc..No par 39%July 14 4912.Tuno 15
43
43
428 4238 43
"66- -5e;
4314 438 43
-5-24334 4258 4314 42
100 5734Sept 27 72% Sept
of Pa
6914 5734 6778 5734 5912 5812 607 57,300 Pittsburgh Coal
8278 Jan 93 Dee
6918 6958 6918 60; 68
13
Sept
10012
3
Feb
9018
100
pref
Do
935
*98 100
97
97
1612 May
Mar
1218
22
4June
243
*9912 10018 100,8 10018 *100 100% 97 100
2
10 144 Feb
1912 5,800 Pond Creek Coal
20% 1938 1978 1838 1914 19
1934 2034 2012 2038 20
No par 6558 Apr 19 112 Sept 16
Cereal
Postum
6,800
103
10112
I
107
105
106
10478 108 I 104% 10612 105
10314 105
100 10512 Apr 29 11118.1one 2
8% preferred
2,300
10934 10934 109 110
Jan
96
48 Aug
*10913 110
1098 1097s *10912 110 *10912 110
100 63 Jan 12 9514 Sept 13
1,709 Pressed Steel Car
87
85
87
86
89
Jan
*87
89
83 June 104
8934 9013 *88
89
89
100 01 Feb 16 106 Sept 12
pref
Do
100
105
*102
105
*101
3413 Dec
2038 Oct
12
105 105 *104 105 .4'101 104
Sept
*103 106
51
10
Jan
2418
50
Corp_
Refiners
&
4718 4434 458 4434 46 20,300 Producers
May
7014
453 4612 4614 4634 4514 4634 45
Jan
51
15
4900t
983
7
Jan
9012 9334 6,700 Public Service Corp of NJ.100 66
95
92
95
9612 94
8918 Aug 11414 Noy
96 I 95
95
05
95
100 10512 Jan 6 13934 Sept 12
5113 Jan
12813 13112 128 130 *13012 13034 22,700 Pullman Company
2434 Oct
13218 1328 13234 13312 131 14 133
50 29 18July 14 5314Iune 9
4512 4538 457 5,009 Punta Alegre Sugar
4614 45
4038 Deo
2112 Aug
3
05
Jan
4812 4612 485 4712 46,4 4 ;12 45
8
385
21
2634July
3138 3058 313 18,200 Pure Oil (The)
33 1 32% 3212 3114 3212 31
3138 3153 32
4 Apr 25
1023
20
July
94
100
preferred
8%
400
9912. 9912 9912 9913 *9934 100
- July -9912 -Deo
67
*9934 101
13
100 100'8 *9912 100
Sept
12614
10
Jan
91
100
117 11718 1,700 Railway Steel Spring
11718 11714 117 117
Apr
19
117 11712 11713 11713 117 117
2614 Sept
1912 Jan 26 33128ept 7
No par
1.500 Rand Mines Ltd
3112 3134 *31
33
*3212 33
16 May
11 Mar
327 33
*3212 34 I •3278 34
19 Miy 31
1334 Feb 11
9,820 Ray Consolidated Copper_ 10
June
38%
May
1518 1514 1458 1518 137 1458 1418 1412
1718
1514 15121 1538 155
14
Mar
42
6
Jan
21
3 i% 3418 347 1,600 Remington Typewriter v t c100
35
35
Jan
80
3612 35
36
4714 Nov
37
3771 37
36
Jan 12 99 Aug 26
55
100
c
t
v
preferred
1st
100
90
*88
919
90
92
*90
75 May
92
*90
93
*90
94
4734 Nov
*90
7
Sept
80
23
Feb
5012
100
2d preferred
73
*68
72
*70
70
Jan
*68
3913
80
*70
June
80
*70
80
18
*74
18
3812May
3
2512 Jan
No par
321s 33 16,900 Replogle Steel
33
3338 32
32
7314 Jan
3212 34
32; 3412 3334 35
411g June
100 4614 Feb 25 7812May 29
6318 6614 6012 6334 5614 5912 69,200 Republic Iron & Steel
964 Mar
6818 8712 6612 6712 6538 67
Oct
754
2
24
9512June
Fob
74
100
Do pref
2,801)
88
86
90,2 8914 90
2412 Jan
9112 90,4 9014 90
5 Dec
911 91%1 91
214S-mt 29 1453 June 2
234 11,900 Republic Motor Truck_No par
214
318
238 3
3
- - - - --- 318 314
314 314
213 3121
25 43 Mar 27 58% Sept 12 - -534 541 5514 5334 5514 20,900 Reynolds(R J) Tob Cl B
,
5
55
5512 56
561s 57 I 5638 57
- - --8
11
Sept
118
Apr
100 111%
7% preferred
11712 11712 11712 11712 *11614 11714 *11614 11714 *11614 11714 117 117
;-Oct -697; May
40
90 Royal Dutch Co(N Y shares). 4713 Feb 1 (36%May 3 -401
5734 6814 5834 594 5734 5813 .5714 5814 5612 5714 5534 57 22,8
1012 Aug 1418 Deo
10 12% Jan 9 2014Sept 25
1834 1818 1878 33,300 St Joseph Lead
18
187
513 Feb
20141 1814 1912 18
19
1634 19
114 Oct
211
4 .11
112 Jan 10 26
200 San Cecilia Sugar v t c_No par
214 214
234
*2
*212 3
212 212 *212 3
87g Oct 2338 Jan
*212 2;
StarApr
10 Aug 26
Corp
100
Arms
Savage
1,700
16
16
4
153
4
*143
167
187a
634 Apr
1434 1738 1712 18 I *1534 17
218 Oct
514June 2
23
Feb
118
par
Saxon
Car
Corp_No
Motor
5,700
438
41a
412 438
438 413
434'
418
438 438
5414 Dec 98; Jan
100 6058 Jan 27 94% Aug 14
g 14,300 Sears, Roebuck & Co
2 81334
81114
8934 8712 8838 8512 88
89
9034 9034 8958 907
85 Nov 101 June
100 91 Jan 5 112 Aug 22
Preferred
•10814 112 *1084 112 1.1084 112 *10(314 110 *10614 110 *10614 110
1234 Mar 2513 Nov
3
Jan
2314
29
1012Sept
Copper
par
No
Seneca
1,500
105s
1012
1058 1034
11
11
11
11
11
938 Dec
1118 11% 11
4% Jan
2
Juno
12
7% Feb 28
872 872 *834 9
812 912 1,200 Shattuck Arizona Copper__ 1
912 912 *812 912
*934 10
3078 Oct 49 May
4812May 3
30
Jan
&
E2
_
Transp
_
Shell
3538
Darling_
1,050
4
373
373
4
39
*38
1
4.0 I *3914 40 4 3878 3918
8 May
283
Aug
*3913 4038 40
1618
9
18
e
ng
uu
A
41
8
,
1
11
18
3
10
Jan
Oil
1834
Cons
par
Corp_No
Sinclair
78,700
3234 3312 327 3353
337
3453! 3312 3414 33
3338 3414 34
918 Aug 3
10
1014 1012 43,100 Skelly Oil Co
1014 1038 108 1038 1038
1018 1012 1018 108 10
13 -374June -E.-Er -3in
ty
5112M
7
3112
Mar
100
&
Iron
Sloss-Sheffield
Steel
500
412
4613
4718
47
48
47
4918 4918 *4713 4812 .4713 49
6814 June 75 Nov
100 66 Mar 21 80 Aug 29
Do pref
100
77
77
79
*77
79
*77
79
Jan
79 I •77
*77
79
Oct 103
.77
26
100 43 Jan 9 5714 M tr 3
600 So Porto Rico Sugar
45
.43
44
4412 44
44
46
44
49
*46
-- 49
*46
5
t 15
e
p
n
i
,e
1
8
38.
4
3
2
0
27
17
Apr
par
Co
No
Mfg
Spicer
4,500
2018
4
203
20;
2012
2214 2012 2214
21
2214 2238 2214 217
28
Apr
81
100
Preferred
*9012 93
93
*92
*9012 94
88 Aug 119 Deo
*9012 94,8 *9012 94 I *9012 94
100 11012 Jan 26 141 Sept 15
100 Standard Milling_
13234 13234 *133 139
67;Juno 9812 Deo
•136 140 *136 140 ,*13412 139 *135 149
25 91; Jan 10 121 May 3
4 11734 12014 151,100 Standatd Oil of Cal
June 19214 Dec
11513 11634 1168 11838 11818 12038 11714 12112 1168 1183
124%
27
20912Sept
5
Jan
J
25
16914
N
65,300 Standard Oil of
196 199
198
Deo
195 19713 19614 1994 19453 19814 195% 20012 19518
Do pref non voting_ _ _ _100 11318 Jan 7 11814 Aug 23 105,8 Jan 11412 Deo
1167 11714 2,850
86 Sept 8514
11634 117 I 117 117 I 11812 11714 116'21164 1161g 11812
25
May
90
10
Am
pref
_
of
68
Mar
_100
Tube
&
209
Steel
801s
83
804
83
*8114 84
84
.82
*8114 8314! *8114 84
4
No par 4518May
5418 537 5438 4,700 Sterling Products
Oct 119 Aug
81
5312 5338 5338 5412 5418 5114 5114 55 II 54 102
4
J.ul y 7
551'May
100 81 Jan 3 106
100 Stern Bros pref(8%)
*99 102
.99
100 100
*98 100 1 *98 100 I *98 100
Jan
21 June 37
5 5134Sept 25
Jan
2413
par
Sp
Corp_No
-Warn
Stewart
5012
4938
4,900
5034
4912
51
Apr
51131 50
46
5 598 Apr 12
2514 Aug
5038 5034 51341 51
50
800 Strornberg Carburetor_No par 35i, Jan
5114 5012 52
Apr
9314
Jan
55 I *5112 5312 5112 5158 51
4238
*53
18
July
*5212 55
13912
100 7918 Jan 5
1237 12834 151,500 Studebaker Corp (The)
12413 126
Jan 103; Dec
83
12612 12838 12658 12812 12.38 12714 124.34 12714 *115 118 *115 118
100 100 Feb 17 118 June 21
Do pref
200
118 *115 118
Oct
10% Jan
3
o 37
0
une
Ju
,44j
83
10
11512 11512 115 115 *115
312 Jan 31
No par
612 634 4,500 Submarine Boat
634
67
612
7
638
7
1314 Jan
Aug
718
7
4
7
7
31
5 Feb 20
No par
1,700 Superior 011
534 6
618
6
6
6
Jan
6
6
6
26 June 48
6
Apr 7
634
3
3912
*8
Jan
26
100
Steel
Superior
32
800
3114
3312
33
35
35
37
*32
*3212 35
34
3
2
Aug
10
•31
212 4,800 Sweets Co of America
212
1
212
212
2
2
Jan
213
2534
212
Dec
212
4
2
23
212
3453pt 28
*234 27
900 Temtor C & F P, CI A _ _ No par
1
34
34
*5s
Dec
1
1
11
*34
*34
1
6% Aug
1
1
4M
br 19
eaY
938Sept 29 12
55134
41
1v1.1.a
1
97
97
938 934 3,200 Tenn Copp & C tr ctts_No par
97
97
97
934
Dec
48
June
4
30
29
10
11
t
t
y
pp
a
1;
8
0
65
5
;
1038 10
10
Jan
*10
4214
25
_
_
7 4738 4658 4718 4814 47
42,800, Texas Company (The).
42% Deo
z3258 Dec
4713 48
4753 4514 4714 4778 46
10 3812 Jan 4
547 56
10,9001 Texas Gulf Sulphur
5418 55
5418 .55
367s Jan
5512 5512 5512 5614 5412 58
1534 Aug
10 23 Jan 9 3230one 3
Pacific Coal & Oil
-2534 2478 2538 2412 2518 2312 2412 2312 2412 9,300 Texas
2
2518 2534 25
Aug
4
14,300 Tobacco Pioducts Corp_ 100 k523
6034 62
617
-_
8312 63% 6434 6234 6418 6138 6.312 614
63
Do CIA (since July 15) 100 767 Aug 2 89128ept 13 - - - -- 91
8234 8338 28,800
8334 8538 8318 84
Jan
'AMC
7612
12
Sept
110
2
Mar
88
100
8512 8612 Mkt 8612 844 8578
pref
Do
200
10612 10613 *106 10812 *10512 10612
Apr
13
6 Aug
*108 109 *108 109 *105 109
713 Mar 3 2018May 22
1334 1234 1314 13,500 Transcontinental Oil.. _ No par
13
137 14141 1338 1414 1318 14
4
28 June 4412 Apr
14
Apr
14
4518
16
Jan
33
par
St_No
Williams
&
Transue
37
*32
37
*32
37
*32
37 1 *3112 37
Jan
*31
57 Sept 75
37
*30
1,500 Union Bag & Paper Corp _ _100 55 Mar 25 78 Sept 12
72
73
73
7312 72
2511 May
1.518 Aug
7312 *7413 7512 7334 73; 73
73
1714 Mar 4 25 June 3
No par
1814 1812 18
1818 6,400 Union 011
1938 1834 19
1918 19
Mar
Sept
107
194 1914 10
8712
12
Sept
116
13
Jan
96
Car
100
Tank
14612
Union
*112
100
115 11.5 *110 116 ,*111 116 *114 11813 *112 11612 *110 112
Oct 104 Nov
92
100 102 Feb 9 113 Sept 8
Preferred
200
110% Ill
Jan
•110 112 i*110 112 1'110 112 1'110 112
19 June 34
No par 25 Jan 11 4114Nfay 13
3712 3712 *3712 38
700 United Alloy Steel
38141 *3712 38 1 3712 3712 3712 37341
.38
Jan
46 Sept 106
100 601 Mar 3 8312Sept 8
1,900 United Drug
80
79
791,1 78% 79
79
7912 80
82
*80
Feb
80
47
80
July
8
5
365
Aug
50
18
Feb
41
50
18
1st preferred
200
4912
4912 50
*48
*4912 50
*4834 50
*4914 50
Jan
•4914 50
100 119; Jan 4 15518 Aug 23 z9534 June 207
Fruit
United
4,100
14812
14513
14634
14514
14812
14558
148
146
148 149
148 148
United Paperboard Co_ _100 1438 Apr 21 2014 Aug 14
*16ts 1812 *16
7
1
-E14
-7
1
41
Ag
467
78
8112 50,200 United Retail Stores. .No par 4312 Feb 28
-igg.8 -8013
8312
. 31
81S4 8218 8012 8338 8038 1712
19 May
1
1112 Jan
119
9gt 2
Au
74Se
39
1618 Jan 13 8
3113 3,600 US Cast Iron Pipe &-Fdy_10
3212 31,8 32
334 32
32
Nov
*3314 3334 *3314 34
5712
29
Aug
Aug
38
78
100
Jan
50
11
pref
Do
300
*6934 72
70
70
71
*70
72
*70
72
*70
Jan
72
*79
7
538 June
8 Aug 14
5 Feb 1
100
S Express
*714
738
*712 7; *712 734 *74 738 *74 75
*714 8
812 Sept 2714 Jan
2; Feb 8 1018 Jan 3
S Food Products Corp_ _100
612 612 3,500
638 634
6'2 684
64 658
7
838
*634 7
-27
par
No
2578Nlay
1913
achCorp
23
Aug
USHoffrnanM
2118 2012 2112 .2012 2112 1,000
2112 2178 21
22
22
*2112 23
7413 May
Nov
16,135 U S Industrial Alcohol ...J00 37 Jan 6 67; Aug 17
62
6314 60
6212 6334 62
6412 8512 8.514 6534 6313 85
84 July 102 Mar
100 90 Jan 9 100 Sept 21
Do pref
400
*9812 10034 *9812 10034 *9813 10034
Dec
9812 9812 100 100
•99 100
6312
Mar
4118
8
7812 80; 7812 8014 7712 8012 12,500 US Realty & Improvement 100 56 Jan 3 8218Sept
8312 8012 82
81
80
79
4012 Aug 7934 Apr
100 4912Sept 28 6712 Apr 17
4934 5012 4912 5114 5014 5238 35,200 United States Rubber
5612 52
51341 4938 ,1
51
103% Jan
Aug
74
11
July
91
14
Sept
100
107
pref
1st
Do
9813
9712 4,700
9712 96
97; 9834 98
96
98
98
9714 98
Apr 3812 Dec
26
50 33 Feb 27 4534Nfay 29
*4112 4212 *4112 4278 1,300 U S Smelting, Ref & M
413 4134 417 43
42
*38
42
38
.
37 Aug 4413 Jan
50 4214 Feb 9 49 Aug 16
Do prof
4813 *48
*45
48
4813
8612 May
*4518 4838 *4.518 4812 *4878 4813 *47
June
7014
11
1063
8Sept
6
82
_100
Corp_
Steel
Jan
States
10118 10238 10034 10212 166,400 United
10312 10418 10318 10414 10213 1034 1007s 103
9 105 June 115 Dec
ept 15
Se
iiis
23
100 11414 Jan 3 17
Do prof
12112 122
12178 122
2,600
1223 12212 12212 122; 121; 12238 12112 122
4118 Aug 66% Dec
10
5
Jan
605
8
Copper
Utah
8718
8513
6514
8614
12,700
6714 8778 6614 673
12% Mar
878 6838 6712 88
7 Aug
97 Jan 18 2318 Sept 20
100
2012 20.38 2034 2012 2138 3,900 Utah Securities v t c
2012 2118 20
Jan
2112 2238 .2178 22
25l2 June 41
0
e 37
ng
No par 3014 Jan 10 0
2JAL,ti
,4
33
50
33,300 Vanadium Corp
4512 4612 4418 464 4338 45
4913 4513 48
4812 4918 48
Mar 8812 Deo
72
17
100
1st
pref
Jan
92
Raalte
97
*95
Van
97
100
954 9514 9514 *95
*95
97
*93
97
93
.
2034 July 4213 Jan
100 26 Sept 22 36% Mar 13
2638 2858 1,000 Virginia-Carolina Chem
2614 263
2658 2638 2618 2614 2612 27
5784 July 102; Jan
*2613 273
100 58 July 28 82 Apr 10
Do prof
6514 6578 6412 6478
66
900
8512 6534 66
Jan
*6512 67
59 Aug 05
*6512 67
18
Jan
9412
43
Mar
27
C
100
&
C
Iron,
Virginia
54
*53
300
.55
*53
55
54
5512 5512
*5512 57
•5512 57
13
Mar
100
60
Preferred
____
_
*80
83
*80
83
*80
83
May
91
Mar
*80
83
5%
*80
8
9
2 May
14
618 Jan 6 8
No par
1212 13
1234 1278 - Y,O5c, Vivaudou (V)
1238 13
128 13
13
1313 Oct
812 Jan
127 1312 13
24
1212 128 1212 1212 1212 1258 2,100 %Veber & Helibroner_.No par 10; Jan 16 17 Apr
13
Jan
*1212 1314 13
13
4912 Jan 72
13
100 6614 Jan 4 85% Feb 15
Fargo Express
Wells
80
80
80
2,200
80
80
80
8112
7912
8012
8012
76 Aug 94 Apr
*7812 8012
12114 Aug 20
8
Feb
89
0
Union
'Felegraph_10
Western
113
11112
11412
110
113
3,300
114
1123
4
8112 Sept 9678 Jan
13
•11518 11538 1141 1141 *112
Sept
104
16
Mar
80
Brake..
Air
50
Westinghouse
100 101
.99 101
600
103 103 9024 10234 102 102
38% Aug 5213 Dec
Aug 22
102 102
8218 627
60; 6112 8,200 Westinghouse Eleo & Mfg_ 50 4918 Jan 4 6518
6212 83
634 6314 6234 6314 6212 63
Vo par 2514May 4 3258 Sept 16
3034 3158 2958 30
3113 317
3,600 White Eagle Oil
3233 3112 32
32
2914 June 41 May
12
*3112 317
Sept
6
54
Jun
3518
50
48
4834 48
48
48
48
3,000 White Motor
49
4934 .5012 49
1758 Jan
7 July
50
50
712 Jan 20 12 May 5
734 8
4,800 White 011 Corporation_No par
738 8
814
738 77
8
e38
814
1834 Dec
812 Nov
838
8May 12
8
217
27
Sept
12
Steel
Spencer
Wickwire
1314
1234
12
13
7,400
13
12
458
1012 May
Nov
1338 1358 1314 1334 134 1312
17
Feb
412
25
614 67 17,300 Willys-Overland (The)
6'4 612
6'4 634
614 634
638 638
23 Aug 42 May
Y2
9
Ay
19
912M
19
612 7
Do Preferred (new)_ _ _ _100 21 Feb 17 4
404 40,2 40,2 40; 4,700
8 41
Jan
2712
15
47
Nov
Sept
5012
4
4318 434 4018 424 4038 4134 405 4612 45
Jan
2714
par
v
c_No
t
Inc,
4512
Co,
&
2,900 Wilson
458 4412
45
4814 47
4712 48
Oct 89% Feb
65
*4712 48
100 66 Jan 10 90 Aug 11
89
89
95
Preferred
*89
95
100
*89
95
*89
93
*89
95
Jan 6 104 Aug 7 105 Aug 13934 Dec
*89
137
100
W)
(F
Co
190
Woolworth
*186
*185
190
19014
900
189
193
2
30% Aug 5514 May
18312 18312 190 190 *190
4012 4118 1,200 Worthington P&Myt 0..100 4038Sept 28 5578June
4118 4118 4034 408 4038 41
7012 Aug 85 Dec
*4112 4234 *4112 42
100 83 Mar 31 94 May 4
8878 887
Do pref A
*8614 89
100
*8614 89
*8614 89
*864 89
54 Aug 70 Nov
*86t„ 89
May
9
Jan
6434
100
l3
pref
7012
72
Do
72
72
1,000
7212
7238 7238 *72
7'212
812 June
9
7191
22
*72
9; Nov
27
Jan
6
72
par
No
_
72
600 %Vright Aeronautical__
1014 1014 1014 *1014 103
*1012 1034 1038 1058 10,4 1012 1014day
Reduced to besla o 325 par
Less man 100 mares. t Ex-rlq tits. a Ea-divide...a and 110110. I Ez-divIdeud.
I
no
Lois
01
Isles
Prices:
•Bid and asked
with United Retail Stores Corp.
Range since merger (July 15)
•
•
•
•
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1517
Jan. 1 1909 the Ext'lance method of quoting bonds was changed and P ices are now-"and interest"-ercept for income Ina 10r:rated Dona,,
Price
Friday
Sept 29
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 29
Week's
Range or
Last Sale
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 29
0:
INT ni
•
4
Week's
Range or
Last Sale
'57...j
3
3
Range
Since
Jan. 1
Bid
Ask Low
Ask Low
High No. Low Mph
Bid
High No, Low High
U. S. Government.
Buffalo R & P gen gold 5s____1937 M S 103 10414 103
103
1 9884 103
First Liberty Loan9312
1429
9312
Sale
9312
94
109.72
100.66
101
68
101.38
94.84
Consol
4
3 8812 96
J
D
;is
334% of 1932-1947
2 95.70 101.68
-- 99.84 100.00
c
Allile
sagri&A,WAes
824 82/
1
4
▪ D
istillsit
stgg4us ggu3s
3M
A 1,7
_ ____E
:1 8458 8914 8218 Mar'22
Cony 4% of 1932-1947
J J 9634 ---- 9112 Jan'22 --- 1 9012 9384
,JD 100.08 Salo 100.00 100.70 647 96.04 10178
% of 1932-1947
Cony
100 -- - 10014 Aug'22
Koch & Pitts Con 1st g 6s_1022 J
101.50 Aug'22
96.82 102.00
9978 10012
20 cony 43(% of 1932-1947__ _ _ J D
9912 99
Canada Sou cons gu A 58___ _1982 A 0 99
100
28 93 102
Second Liberty Loan15 95.78 100.80 Canadian North deb 5 f 7s__ _1940 J D 11318 Sale 11312
11418 36 10812 115
99.80 100.06
MN
4% of 1927-1942
113 Sale 11214
25-year s f deb 6;is
1137s 94 10712 11414
MN 69:90 i3ide" 99.74 100.72 9941 95.32 101.50
Cony 4% of 1927-1942
Canadian Pac Ry deb 4s stock
3 8112 Sale 8112
8334 260 77
_ 3
J -1
19_4.6
85
Third Liberty Loan9112 21 , 83
94
MS 99 96 Sale 99.72 100.26 7109 96.74 101.98 Car Clinch & Ohio 1st 3-yr Is 1938 J D 9112 Sale 9034
of 1928
4
Central of Ga 1st gold 5s__ _p1945 F A 993 _ _ _ _ 100 Sept'22 ----I 9512 10218
Fourth Liberty Loan9938 10038 100
Consol gold 5s
100121 231 8984 10114
AO 100.18 Sale 99.16 100.50 8119 95.86 101.86
434% of 1933-1938
10-year temp secur 6s_June 192
100%
N 10012 Sale 10018
MD
8,, 94 10114
949
5J
Victory Liberty Loan7814 June'22 __..11 7412 81%
Chatt Div pur money g 43_1951
J D 100.52 Sale 100 48 100.70 1098 100.02 101.00
D 7818 _
434% Notes of 1922-1923
_ 99 96 100.30
99,93 June'22
Mac & Nor Div let g 5s
961
1946 J J 9658 9818 9658
3D
11 93
965s
314% Notes of 1922-1923
951z June'22
Mid Ga & Atl Div 5s
102% Apr'22
19473 J 9658
I 95
10214 10234
2s consol registered
41930 Q J
9512
10314 Mar'22 -. 10314 10314 Cent RR & B of Ga coil g 55_1937 M N
9314 9634 977k Sept'22
8812 977
41930 Q J
3s consol coupon
10912
3 10378 1107
CentR
rasigo
isf,:eNreJdgen gold 5s__ _1987
10518 Mar'22
105 105
J 10914 110 10914
1925 Q F
ts registered
/
4 Feb.22
1051
104 10512
h1987 0 J 10314 _ _ _ _ 109 Sept'22..,,_- 105 110
1925 Q F
4,9 coupon
N Y& Long Br gen g 4s.,194lM S 9038 _
_ 91 July'22 --__ 91
100 July'21
91
Panama Canal 10-30-yr 2s_ _ k1936 Q F
92/4
-94
9614
9234 io 9234 -6234 Ches & Ohio fund & impt 5s_ _1929 .1 J 9514 9612 9814
5 9012 98
Panama Canal 3s gold
1961 QM •
10212
8 9412 10312
10218 10314 10218
1st consol gold Is
Feb'22
-- 79
79
7918
Registered
1961 Q M
---- 103 100 May'22 ---- 100 100
Registered
Foreign Government.
90
8814 89% 8814
24 8284 91
General gold 435s
A 10112 Sale 10112 10238 158 99 10238
Argentine (Govt) 7s
1927
10 77 8714
86 Nov'21
82
Registered
82 Sale 81
Argentine Internat Is of 1909_ _ _ _
----10518 200 10334 10912
10112 dale 10112
9014 101, 8212 9218
20-year convertible 4 s__ _1
11°11‘IF
119
993
990
22 MM SS 8812 Sale 8812
Belgium 25-yr ext s f 734s g-.1945
85 9412 104%
9928 Sale 9912
97% 625 8414 9934
30-year cony secured 5s__ _1946 A 0 9514 Sale 9514
100
5-year 6% notes
Jan 1925
8512
_
_
86
1
4 108%
2 7612 8812
10424 155 103/
86
Big Sandy 1st 4s
1941 F A 101 Sale 10112
20-year a f 8s
3 105 112
9338 _
_ 8712 Sept'22
Coal River Ry 1st gu 4s
*109 110 10914
78
8712
J
10a12
45
4j
194
Bergen (Norway) s f So
1945
887s June'22
9414 _
Craig Valley 1st g Is
*113 114 11314
11418 71 106 115
888 88%
1940 J
Berne (City of) s f 8s
1945 irkvil
1
4 Sale 95
79 June'22
1
4 84
Potts Creek Branch 1st 48_1946 J J 82/
71
79
Bolivia (Republic of) 8s
98% 212 95 10112
1947 M N 95/
84% Sept'22 ---- 8214 8418
R & A Div 1st con g 4s_ _ _ _1989 .1 J 8438 88
8014 49 7612 90
Bordeaux (City of) 15-yr 6s_ _1934 MN 79 Sale 7812
80 Sept'22 _-__ 7558 8012
78%
101 Sale 10034
2d consol gold 48
102% 299 9978 108
Brazil, U S external 8s
147 89/
1
4 9878
Apr'
92
Greenbrier Ry 1st gu g 4s_ _1
j 85% ---_ 69
90 Sale 8912
9i
98
40 M N
75
52
N4
211-248
dale
94
90
8054
802
8812
Deo'21
_ _
Warm
8424
8912
_1941
M
S
Springs
V
1st
g
5s_
_
734e
0
1952 A
99
521 310 "if" "(if
9958 63 95 10114 Chic & Alton RR ref g 3s_._ _1949 A 0 51 Sale 5012
Canada (Dominion of) g 53_1928 A 0 0938 99
35/
1
4 438 32
99
3212 3314 32
Railway 1st lien 334s
52
10014 53 9434 101
do
1950
do
do
5s_ _ 1931 A 0 ____ Sale 10014
84
84
87
10 77/
1
4 85
101% 110 95% 10338 Chic Burl & Q-Ill Div 35,0_1949 J .1 84
10-year 53is
1929 F A 101 Sale
9018 9112 927s Sept'22' 15 8712 93
9912 679 9758 10612
Illinois Division 40
55
1952 M N 9834 Sale 9838
97 I
7 93
Nebraska Extension 4s_ _ 1
10412 86 1001
M N
j 9634 _ _ _ _ 9654
/
4 106
927
92
98
194
Chile (Republic) ext s f 8s_ _1941 F A 104 dale 10358
9014 Oct'19,--10412 49 9812 10412
Registered
27
External 5-year s f 8s
1926 A 0 10214 Sale 1015s
92
18, 86is 93 10412 42 100 10612
General 48
103% Sale 103
25-year s f 8s
Nr 8
N
S 91% Sale 91%
50%
5212 67 44
53
1013 2821 963 10212
1st & rolls
950
1971 F A 10112 Sale 10034
Chinese (Hukuang Ry) Is of
68
11014 20 106 11212 Chic & E IIIChristiania (City) 5 f 8s
1
1945 A0 10934 Sale 10934
10712
10712
99 8512 9534
10712
2 102 10912
931
1st consol gold (is
Copenhagen 25-years f 5 is_ _1944 J J 92 Sale 91
July'296
7 8412 99
96
96%
----I I 96
9612
General consol 1st 5s
98
Cuba-External debt 55 of 1904 MS 96
8413 Sale 8384
8514 162 68
77
90% C & E Ill RR (new co) gen 581
86
0N
7
1 A
MN
Exter debt of 5s 1914 Ser A _1949 FA 90 -- - - 90 Sept'22
995
334
5112
4
5412
51%
8212
88
190'
53
8212
*84
76
6412
Sale
8212
Chicago
Great
West
1st
M
5
4s_
_
_1959
External loan 494s
FA
1949
135 9112 10034 Chic Ind & Louisv-Ref 6s 1947 J .1 10812 11012 10812
109
9 101 115
94
Czechoslovak (Repub of) 8s_ _1951 AO 9114 Sale 9112
46 10512 114
9912 _ _ _ _ 98 Sept'22 ---- 8712 9858
109
Refunding gold Is
Danish Con Municipal 8s "A"1948 FA ____ 10812 10712
9 105 113
_ _ 86
--_- 75
10812
86
Refunding 4s Series C
.1 85
J j
Series B
72
19
94
48
1946 FA *108 109 10712
50 10712 11212
Ind & Louisville 1st gu 4s_ A956 1 J 77% 7918 79 Sept'22
Denmark external a f 8s
1945 AO 10912 Sala 10912 111
87 Sept'22
9914 138 9014 10014 Chic Ind & Sou 50-year 4s_ _ _1956 J .1 86% 88
20-year 8s
1942 J J 98 Bale 98
22 8512 9712 Chic L S & East 1st 434s_.... _1969 .1 D 891s _ _ _ _ 911s Sept'22
8
87811
97
65
7
9
879
11a
Dominican Rep Cons Adrn at 5,9'58 FA 9614 904 9612
95% 365 94 97
777
78
61 7112 80
Ch M & St P gen g 4s Ser A _e1089 J .1 76
78
Dutch East Indies ext 68_ _ _ 1947 J J 9412 Bale 944
9514 593 9314 9714
7112
General gold 334s Ser B e1989 J .1 75 Sale 7113 Sept'22 ____ 64
40-year 6s
1962 MS 9412 Sale 94
8012
99 10834
7 79
10014 54
90
General 434s Series Ce1989 J .1 8834 Sale 8612
French Republic 25-yr ext 88_1945 M S 9934 dale 99
6838 202 5412 6978
Gen & ref Series A 4;is_ a2014 A 0 86 Sale 6514
9712 948 94 106
20-year external loan 7340_1941 3D 9512 Sale 9518
7634 153 62
80
75
Gen ref cony Ser B 5s_ _ _a2014 F A
7512 75
Great Brit & Ireland (UK of)1005
Sale
s
101
625
7084
96
106%
73
551 60
77
103
Convertible 434s
71 Sale
20
-year gold bond 534s_ _ _ _1937 F A
82% Bale 8212
8412 176 6912 87
10714 504 9834 111
Permanent 4s
10-year cony534s1929
F A 105% Bah. 10338
514s
2 100 110%
668
9978
25-year debenture 4s
6434 Sale 8434
99%
53 54
89
3-year cony
E
2F A
,311928
.6D
0712
____ 97 Sept'22
96
89
97
Chic & Mo My Div 5s _ P926
9612 21 92% 904
9612 96
Italy (Kingdom of) Ser A 6
8770;212
C M & Puget Sd 1st gu 48_ _1949 J J
9412 192 8658 9513
Japanese Govt-£ loan 434s 1925 F A 9 9112 93% 9214
Milw & Nor 1st ext 4 yis_ _1934 J D
9334 74 8628 9412
Second series 434s
1925 1 J 9 9134 Sale 91%
8878 J ulye22 ___ 85
8112 353 7258 8312
9 7812 dale 7812
Cons extended 4
34 J D 9238 95
887s
Sterling loan 4s
123 7914 9n
98 Sept'22
92% 98
Chic & Newest Ext 4s_ _ _1886-N26 F A 9638 98
78%
81
Lyons (City of) 15-year 6s_ _1
j 7912 salt
M N
n0
1j
934
193
79
1
4 9314
80 7614 ue
7812 80
Si
Registered
Marseilles (City of) 15-yr 6s_1934 M N
1886-1926 F A 92% ____ 9314 Apr'22 ____ 93/
68 5212 7012
General gold 3;0
56
Mexico-Extern loan £ 55 of 1899 Q J *95414 5412 54
1987 M N
/
4 62
85 381
Registered
41
Gold debt 4s of 1904
1954 J D t 40 Sale 3912
General 4s
9412 59 9284 9412
Montevideo Ts
1952 J D 5414 - - - - 9234
Stamped 4s
94% 288 93% 9814
0
L
F4
27
19
)
Fr
Netherlands s f 6s
71
1972 M S 9412 Sale 94
9
878:1
9
2417
11114
8-3'a 1
-98687
:0
8:
788214 :
:
1938
3 -6
71 10734 115
Aug'22Dee
1788710
General 5s stamped
8::
89-7
887
8883 179
0
:
10
977
88
-26
7
8:11-4
112
1987 NI N D 11034 Sale 11012
Norway externals 188 8s_
A O
40
1J
19
96
Sinking fund 6s
102% IOU 103 July'22 __ 102 103
10114 17 99 105
100 101 10112
1879-19 9
Porto Alegre (City of)
11214
10578
56
108
1017
s
Sale
Apr'22
-.-101
Registered
108
1017
2
109
A
0
1879-1929
0
Queensland (State) ext s I 7s..1941 A
Sinking fund 5s
10312 65 99 105
1879-1929 A 0 101 10134 10012 Aug'22
25-year 6s
1947 A 00A 10114 Sale 10115
100 Aug'22
Registered
1?)6
54
1 1St
10134 16 99 10514
100 Bale 100
1879-1929 A 0 9712
Rio Grande Do Sul 8s
Sinking fund deb 58
100% 48 9812 10512
100 Sale 9912
1933 M N 10078 _ _ _ _ 10184 Sept'22 ---- 96 10134
Rio de Janeiro 25
-years f 8s_ _ 119466 FA94
9812 May'22 ---- 984 10014
Registered
9612
100% 102 9812 104%
88
1947 A 0 99% Sale 9934
99 106%
32
10
10018
7 105 11013
-year
10214
10934 110 10912
110
secured
10018
7s
g
San Paulo (City) s f 8s
Sale
1952 M S
120 100 106
,
13
514
15-year secured 6;is g
13
1114
4 106 1
19
1:133
,4 42
103
San Paulo (State) ext s f 85_ _1936 J J 10114 Sale 10134
19
11 993
330
6
3T
PA DN
S 111 Sale 19
9314
8614
Des Plaines Val 1st gu 43-5s 1947 M S 9312 _ -8912 179 8414 98
Seine (France) ext 75
1942 -1 J 8614 Sale 103
107 94 107
17
Frem
1043
10
0
3
4
1
05%
Elk
&
4
m
Aug
ar
1103
4
:
2
2
/
Mo
103
111
V
Sale
114
1st
Sweden 20-year 8s
6s_
_1933
A
0
1939 1 D
123 I 262 11212 123
Man GB&N W 1st 3yis_1941
Swiss Confereren 20-yr s f 8s_. _1940 J J 12158 Sale 12184
J 80
70
71%1 14 67
7812
Milw & S L 1st gu 3;is_ _ _ _1941 J .J 80 _ _
1s Aug'26 Auge21
Tokyo City Is loan of 1912
IM S * 7114 72
107
/
4 108%
18 1021
Milw L S & West imp g 55_1929 F A 1001s ____ 9958
685; 6658
Uruguay Republic ext 8s_._ _1946 F A 106 Sale 10512
11412 13 106 115
Ashland Div 1st g 68_ _ _ _1925 M S 10112 ____ 99 Mar'21
-Zurich (City of) 8 f8sA 0 114 Bale 114
___
10114
Mar'22
1011
/
4 1011
/
4
Mich
Div
10114
1st
(These are prices on the N121290
gold
to
6s_
$5
_
_
J
.1
_1924
45
9113
Mil Spar & N W Ist gu 45_ _1947 M S 91
9112
93
State and City Securities,
7 8514 93
98
101
1
4
2
10312
St L Peo & N W 1st gu
1(11
5 95 105/
105 14
N Y City-4354 Corp stock_ _1960 MS 10012 10114
10412 10478 10514
51 97/
1
4 104
113 114% 10314
104
Chic R I & P-Railway gen 45 1988J J
843
8612 63 79
4 8 Corporate stock
8784
11,96
64
6M
105
25 99 105
84 Sept'22 ---- 78
8412
Registered
AO 10234 104 103%
4is
3 Corpora
Corporate stock
J
_
._11
199
933
84
8
4iii
4
883
247
8384
Refunding gold 4s
18
s' Sale
434s Corporate stock
8684 296 7512 8712
6
1971 ID 10714 10834 10914 Sept.221 --- 10358 10914
m
A O
s 8
5 10312 108%
10812
R I Ark & Louis 1st
8434 124 7614 8614
430 Corporate stock_ _July 1967 J J 10712 10814 10812
8212 Sale 8212
5 103 10812
9978
Burl C R & Nor let 58.....,.1934A 0 99/
997
1 90 100
,
lis Corporate stock
1
4 100
1965• D 10712 10814 10512 10812
10712 10814 10814
10812
Choc Okla & Gulf cons 5s_ _1952 M N 9858 9934 98 Sept'22 --__ 89
98
7 103 10812
434s Corporate stock
1963 M
100
9312
9912
Sale
10012
100
Keok
&
93
MN
4% Corporate stock
93
9 72
9412
Des
12
Sale
93
1959
Moines let 53_1923 A 0
6
932
4
100
1
101
85
8518 23 78
8654
StPaul&K CShL 1st 4;is 1941 F A
4% Corporate stock
1958 MN 9912 9978
1
4 100% Chic St P
10012 15 93/
10912
9 1044 10912
&0cons 6s
4% Corporate stork
10
89
3% 18
1957 MN 9912 10012 10012
10
8 109
92
Cons Ss reduced to 334s_ _1
94 10038
4% Corporate stock reg1958 NI N 99 100 1003s Aug'22
97 _9__
84
_ 92 Sept'22 ---- 87
D9
930 ▪ D 90
108
10312 108
Sept'22
98
45 9114 98
Debenture Is
972
New 434s
1957 MN 107 10712
10314 108
North Wisconsin 1st (Ss_ _.1930
....„
434% Corporate stock_ _ _ _1957 MN 197 10.12 108 Sept'22
J 8
J 105% -- 118 Noy'16
93 M
19
9214 91
91
Superior Short L 1st 5s ge1930 M S 9714 ---- 95 May'18
82
9312
334% Corporate stock_ _1954 MN 91
90 Dee'20
8312
Chic T It & So East 1st 5s_ _ _1960 J D
8484 13 7334 8812
1961 MS
New York State-4s
102 June'22
93/
1
4 47 8712 9418
idi" 102 Chic Un Stan 1st gu 4;is A1963 J J 9
82
312 S8
a4
les 92
Canal Improvement 4.9_ _ _ _1961 .1 .1
10912 Apr'22
10011 110
115
1st Ser C 6;is (ctfs)
6 11184 117*2
Highway Improv't 434s_ _ _1963 NI S
11214 11412 115
_
784
10412 Apr'22
:4
6
5
0
75
9
197
Sept'22
16
07
3,2 10
1
4
2
10412 10412 Chic &West Ind gen g 8s_ __e1
Highway Improv't 4 X8_ _ _1965 MS
6
5
7
5_3
187
0
8
:42
7
1932
963 2
Q Nl
i
Consol 50-year 4s
Railroad.
J
1952.3
70
70
2 5814 80
70
10212
15-year s74s
9 9978 10278
k1995 Q J 65
10212 Sale 10214
Ann Arbor lot g 48
9112 Sale 91
9212 214 85
9518 Cm n R&D 2d gold 4 Yis
--- 85
91
Ateh Top & S Fe-Gen g 4s_1995 A0 ____
9212 90
1 8714 9212
90
C Find & Ft W 1st gu 4s g_1119
1995 A0
Registered
Sj
333
5:
7 31 N
992
8114 84
84 Sept'22
7712 86
9, 901; 95
1)ay & Mich 1st cons 4 is_1931
9314
-_-_-_
9314
k1995 Nov
Adjustment gold 4s
J
84
14, 7612 84/
8412
84
1
4
83
k1995 Nov 8114 84
Stamped
7 7812 8612 Cleve Gin Cb & St L gen 4s_ _1993 J D 8212 83
85
861
/
4 42 76
85
9234
20-year deb 434s
8618
88% Ma:2
:
2 8
91% 931
1955 3D
:
i
Cony gold 4s
1 911
/
4
/
4 10754
106
.10014 ____ 10012
General 5s Series B
1980 J D 15414 ii:V" 106
10014 25. 8614 1011
Cony 45 issue of 1910
43' 95 10314
9114 9514
102
Ref dc impt 63 Series A _1
.1 10138 Sale 101
ij D3
East Okla Div 1st g 4s__ _ _1928 MS 9334 9412 9514 Sept'22
31 J
119
992
939
8434
2 78
89 Sept'22 _ _
8514
Cairo Div 1st gold 4s
90
87
Rocky Mtn Div 1st 4s_ _ _ _1965 .2 j 8412 84)4 8434
704 90
78
Cin W & NI Div 1st g 4s_ _ _1
934 92
8212
81% 82% 8212 Sept'22
J
Trans-Con Short L 1st 4s_ _1958 j J 86 -___ 8912 Sept'22
91 J j
1939j
92/4
9234
8 864 9458
833s
St L Div 1st coll tr g 4s_ _ _ _1090 M N 821s
83% 21 7713 8418
Cal-Ariz 1st & ref 430"A" 1962 MS 9014 93
9138 44 85
9112 9034
Spr & Col Div 1st g 4s
93
8858 _- 8513 Aug'22 ____ 8512 8512
Atl Coast Line 1st gold 4s __k1952 M S 90
1 10412 108%
1
4
/
4 85/
108
83/
1
4
8514 Aug'22 ____ 841
W W Val Div 1st g 4s
1930 M N 9812 10812 108
10-year secured 7s
9154 18 8312 9114
9012
CI
8912
RS
eg
tiL
sdrred
1964 J D 9012 91
e lst g 4s
Sj 90% ---- 8912 Aug'22 --__ 83
Q
M F
General unified 434s
99 .1
k1119
993
18
100
1003
8
Aug'22
---100
---4
983
8612
May'22
8612
N
M
guar
.....1928
864
gold
Is..
1st
Mid
41936 Q F
Ala
91 Sept'22
86
99
91%
Cin S & Ci cons 1st g 5s_ _ _1928 J J 9612 ____ 99 Aug 22' __-_ 94
Bruns & W lot gu gold 4s_ _1938 J J 91 ---8412 78 78
8234 8234
8614
C CC&I gen cons g 6s_ _ _1934 J J 1058 10812 1051s May'22_ 104 106
a1952 MN 82
L & N coil gold 4s
9512
58
882
4
96
9414
95
00
9411
June'22„-Ind
____
90
B
90
&
J
8812
W
J
lst pref 4s
1925
Bait & Ohio prior 334e
92 Sept'22
_ _ 91
927s
8112
83121
Peoria & East 1st cons 4s_ _ 1194
6 7084 84
k1925 Q J 92% -- -940
0 A 0 7912 80
Registered
8414
8638 66 7618 8818
3912
37
I
10
3412
2278
8414
3584
Sale
3384
Income
0
4s
A
k1948
gold
4s
50-year
1st
84 Sept'22 -- 75
84
99 Sept'22 ____ 90
Cleve Shor Line 1st gu
99
r. 9712 99
9° APO
41948 0 J
1961
Registered
8658 299, 74
4 Sale 8.138
8734 Cleve Union Term 530 434s
106 1 123 10018 106
Sale 10484
10484
1933 M S -84310-year cony 434s
8813
9114 42 77
931k 39. , 84/4 94
9318
Colorado & South 1st g 4s_1
93
931s 94
A
A D
2F
192
979
Refund & gen 5s Series A..1995 J 0 109 Sale
10134 99 9412 102
8912 63, 8118 92
Refunding & exten 434s..1935 M N 8818 8838 8812
1929 J J 10114 Salo3 10118
Temporary 10-year 6s
91%
Ft W & Den C 1st g 5;is_ _1981 J
87
9355 Sept'22
9334 94
104 1055 10512 Aug'22 __ -110118 10612
P June & NI Div let g 3;0_1925 51 N
8358 55, 7234 85
8114
8812
8784 35 77
Cuba RR 1st 50-year Is g
8512 Sale 8534
1952 J
P L E & W Va Sys ref 4s_ _ _1941 M N 8114 Sale
9418
9312 70' 86
107 I 13 100 10714
let ref 734s
10612 Sale 1107
Southw Div 1st gold 334s_.1925 J J 92% Sale 9271 Aug'22
..-2
2
11752
92
9914
p
t
:2
10
83
L
&
10
7
0
8
,
3
4
8
1
_0
_0
_1_
2
111
s
S
e
9
7
8
7
1
4
2
W-M
&
E
0,
98%
---1st
9914
gu
3
J
A
3
3
0
6
D
P
2
100
9
_1933
Clev Lor & W con 1st g 5s_
--2 9658 98%
N Y Lack & Western 5s__ 1923 F A
98148 ----1 9n,
8;
1 Aug'2
Ohio River RR let g 5s_ _ _ _1936 1 D 90
____
9712
-2
3 90
991s
2. 97
goy
98
991s
Terminal & improve't 43_1923 M N 9912 100
1937 A 0
General gold 5s
Warren 1st ref gu g 3 ,,49
1 7414 78
7718 82/2 78 Aug'22
6934 70
7112
7 627s 73
2000 F A
Tol & Cin Div 1st ref 4s A _ .19591 J 69
a Due Jan. 4Due April. sDue May. gD us June. ADue July. 1Due Aug. oDue Oct. nue Nov. xDue De;. s Option sale.
*No price Friday: latest bid and asked
I F.
IP
Price
Friday
Sept 29
•
N
1518
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept 29
New York Bond Record—Continued—Page 2
Friday
&et 29
Week's
P.ange or
Lass Sate
41
rs4,
I
Rano
Sines
Jan. 1
BONDS
N. Y.STOCK EXCHANGE.
Week ending Sept 29
i
Prim
Friday
Sept 29
Week's
Range or
Last Sale
"
Range
Sine*
Jan, 1
High No. Low 1114311
Ask Low
'Bid
High No)Low High
Ask Low
Bid
104 I 17 100% 105
Leh Val RR 10-yr coil Os__n1928 M S 103 104 10331
I
Delaware & Hudson—
102 Sept'22 ---- 90% 102
11 1
.fl
J
5
94
22
1st
gu
93
Co
831g
5s__1933
Val
g
Coal
Leh
91
917
8214
N
M
1943
43
ref
let &
Oct'13.-- ____ _-__
-1933 J J1 --------105
10014 32 898 1037
lotterreded
1935 A 0 10013 Sale 100
30-year cony 5s
1933) J, ---- ---- 831s Oot'211---reduced to 4s
42 99 10312
1027
Rlselast
1937 M N 101 Sale 10014
5X s
Leh -iii
86 Aug'22 ---- -ii1;
8714
86%
S
18
3
12
18
M
53
7
8
111
0
17
guar
gold
N
let
110
&
Y
43..1945
Sale
110
D
1930.1
10-year secured 78
II
Long Isld 1st cons gold 5s_1z1931,Q J 98 -__ 100 Aug'22 ---- 951s 100
82 June'22-1946 A 0 8218 8.4
Alb def3usq cony 3Yis
h19311Q J 9034 ---- 8914 June'22 ---- 8914 90
1st consol gold 4s
Renns & Saratoga 20-yr 6s_1941 MN 10812 -8984
2 77
86 1
8712 80
8214
1938 J D 80
78% 89 73
General gold 4s
go,
Den & R Gr—lst cons g 4s_ A930 J J 78 Sale -fisi
1932.J D 8534 --__ 8414 Aug'22 ---- 8212
2 7012 84
8212,
8134 8114
Gokl 45
1936 J J 81
Consold gold 40
10 7314 82
82
82
84
7314
9
81
M
1949
4s
85
gold
51
81
7412
8
Unified
815
80
D
.1
1928
5s
gold
Improvement
95
88
---Sept'22
94
95
8
857
D
1
1934'.1
46%
478
299
5s
Sale
8
2
gold
42
52
Debenture
1955 F A 463
let dc refunding 5s
7 758 87%
8614
4334
43
45
1937 M N 8434 8478 855
44141 10 4014 47
20-year p m deb 5s
Trust Co certifs of deposit___
8451
8231 61 72
87 Sept'22'---- 8012 89
1949 M El 8134 Sale I 8134
88
Guar refunding gold 4s_
1939 lii 85
Rio Gr June 1st gu 5s
9512 9612
5
9612
9612
9712
9534
_
NYB&M38 lstcong 53_1935A 0
10% 1712 61% Apr'111---- ___ ...„
Rio Gr Sou 1st gold 45___ _1940 J J
1927,m s 9778 991 9914 Sept'22 --_- 994 9914
N Y az R B 18r gold 5s
1940 J j 15 ___. 10% Feb.22 ---- 1018 1018
Guaranteed
96
7958 14 7384 8612
Nor Sh B 1st con g gu 5.9__a1932!Q J 95 _ __ _1 96 Aug'22 --- 8912
79,2
73,2 75
1939 J J
Rio Gr West 1st gold 4s
95
2 78
93 1
68 I 48 6218 71
1927 M S 92% 9312 13
6612 66
Louisiana & Ark 1st g 5s
Mtge & coil trust 4s A 1949 A 0 65
78
74
70
___.
Sept
22,___J
&
75
Louisville
Nashville—
D
1
_1995
_
4s_
g
lien
&
Mack—lst
Det
1
10212
9812
----1
____,102
June'22
103
N
67
67
1937,M
67
78
May'22---Gold 5s
1995 J D 7018
Gold 4s
9318 40 8712 95
1940J J 9214 9334 9214
Unified gold 4s
91121 19, 82 93
1901 MN 91 Sale 8512
Det Riv Ter Tun 40
1940 J J ---- — __I 9018 June'22 ---- 8814 90%
Registered
1941 J j 100 ____ 100 Aug'22!----1 953 100
Dab Missabe & Nor gen 5s
9513 9931
9931
Aug'22-_..
983
10014
N
102
9514
05212 S
ear
m
1931.M
21::-__- 1
28
pt:0
Collateral trust gold 5s
1937 A 0 100 10218 10
Dul & Iron Range 1st 5s
10812 10 10612 10914
10-year secured 7:.......1930 M N 10812 Sale 10734
1937 A 0
Registered
26' 101 10771
Sale
10518
10412
103
0
-gf
2
817
82%
Sept'12---"gc73;
ref
5lis
let
gi
D ul Sou Shore & Atl g 53_ _ _ _1937 J J
9834 Aug'22,---- 9334 98%
1931 3,1 N --- - 99
L Cin az Lex gold 43is
Elgin Joliet & East 1st g 55 1941 M N 105 ____ 100 Sept'22,---- 95 100
10612' 14 1001 108
1930,J J 10518 ____ 10534 July'22'---- 10231 10571
8 10612 106%
N 0 az M 1st gold f3s
Erie let consold gold 7s ext. 1930 M 5 105,
101
July'22!---- 9812 101
10112
____
87
91
---87
____
July'22
803
2d gold 6s
N Y & Erie 1st ext g 45_ ....1947 M N 995
9112
078 JAuulyg.'2222.-_—_-_, 80
,
997 983s June'221—__ 965 9912
.1 84% 90 8
911 A
36
194
Paducah & Mem Div 4s...1
1943 M S
3rd ext gold 40
6512 67
S
M
---9514
_1980
9012
9514
June'22
9912
3s..
2d
gold
Louis
Div
St
4
983
0
1930 A
4th ext gold 5s
8
7:
8
,4
9
6
8
2
8612
may.2
38
%
17
8
79
5
____
9
2
4
1
6i
9
8
9
__
__2
861
87%__
N
..—
M
At? Knoxv & Cin Div 4s__ _1955
94% Nov'15 ---1928 J D 9234 _ _
5th ext gold 48
9834 ---Atl Knox & Nor 1st g 5s__ _1946 J D __
1930 M S 10318 _ . 102% Aug'22 -- 102-18 1021s
N Y L E & W 1st 7s ext
104
103
----I
July'22'
104
5414
71
5
M
19311
87
633
4
1st
g
4
f
653
s
Sale
6s
Bdge
Hender
602
1996 j j
Erie 1st cons g 49 prior
9 Au1g0'0 --__ 1 7931 102 86
96
57
57
Kentucky Central gold is 1987 J J 81 ____ 8
1996 J J --------57 Mar'22
Registered
5 93
-lig
I.ex & East 1st 50-yr 55 gu 1965 A 0 100 Sale
1st consol gen Hen g 45 1996 J .1 52 Sale 52
97
97
6314
5
859178
4;0_1945M
---- 5
118 5581
39
L&N&M&Mlstg
1996 .1 J
Registered
_3
_1 9
74
2'2 8
718
96
8231
Sept'22.-83%
8431
91
Sept'22 --; - 79
8 -i634
L az N South M joint 43.... _1952 J j
Penn coil trust gold 4s 1951 F A -g195
97
Yeb
05
'
501s
h1952 Q J
5134 09 3414 57
,
Registered
50-year cony 4s Ser A__ _1953 A 0 5014 Sale 50
2
_
_
iiiii
.I
.
_
iiiiiii
0
"
101
8
1156May'22
53%
114
32
5a
5034
N Fla & El 1st gu g 5s
1953 A 0 50
do Series B
93'2
-1 9414 9534 9312 Aug'22 ----, 89
F A
2 3484 59
5J
7
3.
912 105
54
9
____ V,78
194
N .SL C Bdge gen gu 45is
5278 Sale
Gen cony 4s Series D__ _ _1953 A 0 ____
96
5
10212
9814
10218
____
10218
A
F
_1936
99
80
,
N
Ala cons gu g 5s___
5&
&Chic Erie 1st gold 5s_ _ _ _1982 M N
7518
:0
22 — _1 9512 10012
4 Se
.3
358 8438 3
'
00
s8rt
18
mP
11
'
911
Gen cons guar 50-yr 5s_1963 A 0 --------7798
_ 905s Jan'22-7,1 9012 ,
Cleve & Mahon Vail g 58_1938 j j 9414
85
2 77
Lou & Jeff Bdge Co gu g 4s_ _1945 M 5
9578 95
5 7812 1,8
9612
4
'
Erie & Jersey 1st s f Os_ _..1955 j j 95
5
8
4
M
1977
7 7938 973
971
Mex Internal 1st cons g 4s
Genessee River 1st s f 6s__ _1957 .1 _I 9512 9634 9634
--_ -___ 75 Nov'10
109
Stamped guaranteed
Long Dock consol g 6s_ _ _1935 A 43 10918 11312 109 Sept'22 ---- 109
99 July'20 ---- - --- .--JM 0
Midland Term—lets f g 5s_ _
1943 j j 968 ____ 8312 Dec'211---- ___ --Dock & Impt let ext 5s_
412
00
01 15
Ia.- "_—_ -__ 104 June'22 --2_7-, 13
88
Feb'221--__ 88
88
Minn & St Louis 1st 7s
1946 M N 907s __
N Y & Green L gu g 5s
4 6958 83
81
72
7,
m
Fsj
'
6718
Vi
1
‘1
1
jQ
7
4
,
3
2
6
:
1st
gold
consol
5s
1
J
j
1937
NY Sus('& W 1st ref 5s
4
43
:
43%
5314
M
4712
65
53
5
9
53
1st & refunding gold 43_ __ .. 94
5314
214 6
55
1937 F A 6
2d gold 43is
50
11! 30
913 8
2
74
4
46
4841
44
11 3812 60
51
50%
Ref & ext 50-yr 5s Ser A_ _ _19 2
1940 F A 5058 55
General gold 5s
62
5712 55 Sept'22 ----I 36
90
55
Des M & Ft D lot gu 48._.1935
Terminal 1st gold 5s__ _ _1943 51 N 90 ---- 90 Sept'22---.1 8312
85
70
4
8134
4
813
Sale
4
813
D
94,2
Iowa Central 1st gold 5s__ _1938 J
1940 A 0 94 ---- 93 July'22 ---- 93
Mid of NJ 1st ext 5s
11 8
14
43
2% 9
35
4214
12
1%
50
73
4
68
Refunding gold 4s
1951 M 5 4212 43
1942 .1 D _ 6_6_ _ _6_8_1..2 68
Wilk & East 1st gu g 5s
91
88
Apr'21 ----1 -------MStP&SSMcong4sintgu1938J J -- -- 91 _ 91
Evans az T H 1st gen g 5s1942 A --------106
9014
9;
10114
_
10112
--____
____
1st cons 5s
Apr'21 ---1938
__
1923 A 0
Mt_
Vernon 1st gold 6s
9 10012 107
_
_ -12 10434 105
i54
. 16-i
6912 Apr'21 ---10-year coil trust 6lie
1931 fti-i
Sul Co Branch 1st g 5s_ __ _1930 a 0 --- __
8912 July'22 ---- 8812 8934
9114 93
1st Chicago Term s f 49_..194l M N
1- -9.14
102
FlOrida E Coast let 45s..1959__1959 J D 8912 9214 9012 Sept'22 -- -- ..
0414 9712
7
--Aug'22
96
M S S M & A 1st g 4s tot gu.1926 .1 J 9514 9714
Apr'21 ---1941 .3 J 83% _ ___ 66
8234 881-i
Fort St 17 D Co 1st g 4 ypr
____ 80% July'22 ---- -ii" -iE-8314
Mississippi Central 1st 5s_ ..1949 J J 9112 9312 8518 May'22 --,..
Ft Worth & Rio Gr 1st g 4s_ _1928 .1 j
1
1
847
S_a_i_e_
3_
90
73
_8_4_3
5 83
83
2
65
2
84
90
D
9018
J
00
90
_1990
&
Tex-1st
Kan
Mo
gold 42_
Galv nous az Hend 1st 5s_ _1933 A 0
6814
48%
---Aug'22
6814
24
11358
11318
2d gold 4s
10812 115
Grand Trunk of Can deb 7s 1940 A 0 11313 Sale 10214
4812 7714
7714 Sept'22,-75
71
140 100 108
105
Sale
Trust
Co
10214
of
certifs
__
deposit_
s
m
1936
15-year s f 0s
1 Aor'221--- 73
86,4
278 10718 1 1334
1-5 -------864
1st & refunding 4s
1936 J j 11034 Sale 11012 113
Great Nor Gen 7s ser A
92
94
92 Sept'22 ---- 68
90
96
9512 17 88
Trust Co certifs of depos9121t99
9514 9478
2
.. F A
0
94
Series A_ _ _ _1961 .1 J 9418
1
1st &ref 4/0
1
14 -one'
—12
221---- 6214 6412
__ ___. (
__
8214 Oct'21
.1:3
fund
sinking
4;is
1936
Gen
Registered
-_-_-_
r_
2
5
77
77
2
14
2
7
75
5e
j
2
.
t:2
71
pe
1.66.
.6
5
"Ai;
12
.2.
0
Trust Co certifs of deposit_ _ _
19
52
(
9'
J Jj 10- 2 dale 19
1j
510
6 --------44
2001 AAug'22
1948 ---- 9014 925
St Louis Div 1st ref 4s
1933 J .1 9314 9512
St Paul M & Man 49
13securd 1,4
—_ 5812 ;1
Sept'22
8812
____
____
1
19
19
S
notes
p
e
me
t
"ext"
u
2
:
5%
112
2
0
-:::
105,8 111
1933 j j 111
let cousol g 63.
9018
____ ____ 90% May'221.--- 80
Dallas & Waco 1st gu g 58_.1940 ISiii --------77
1933 J
7 July'22; -. 7012 777
Registered
1:661.-4
-iiii,
1
A
-F
Pac
&
g
City
1st
4s___1990
Sept'22
4
Kan
99
100
99
j
.1
Reduced to gold 46s._1033
83
O --------83 Mar'22I---- 77
A N
ibi
97 Aug'22-_..- 95
97
Mo K & E 1st gu g Si
1933 j•
Registered
9118 9712 948 Sept'22 --__ 7814 947
2
_9_2_1_2
9212 Sept'22
M K & Okla 1st guar 5s_ __1199442
1937 J D 9218 93
9758
Mont ext 1st gold 4s
77
Tot T lot gu g 5s....1942 M S -------- 85 Jury'221.-- 3418
az
K
M
42
Registered
Sher Sh & So 1st gu g 5s___1942 .1 D 33 40 42 Aug'22 --194
784 36%
7j
30
J .1 --------83
Pacific ext guar 4s
36 May'22,--__
818 912 8934 June'22 -- 88
8934
Texas & Okla 1st gu g 53_1943 M S 3234 45
8 89
32
25
8858
3121 3
87
9
76% 9,12
E Minn Nor Div 1st g 4s 1948 A 0 113 ____ 113 Aug'22 ___ 10918
113
J J 8578 Sale 8518
_1962
15s
Ry—Pr
Ser
T
_
A
&
.2
j.
K
1937
Mo
75
7314 89 62
Mont C 1st gu g Cis
7112
73
_
may.00
1962 J J 71
40-year 43 SeriesB
1937 J .1 ------13814
Registered..
399 i6.
C
-103
6s
Series
Sept'22
__
-year
4
10
-1003
j
j
1937
1st guar gold .5s
64 ,1921 4334 66
8
615
18
1
7
9
6
Sale
97
1
J
.1
J
j
2
7
3
6
9
1
—__
10214
4
5s
9918
102
July'22
Series
A__
adjust
____
4
Cum
Will & SF 1st gold 5s__ _1938 j D 1013 70
70% Apr'22 ____ 6712 7012
Missouri Pacific (reorg Co)60
712 9312
g4
_12_ „
--2
9212 9112
Green Bay & W Deb ctfs "A"..-- Feb
92
13
1214 14
1st & refunding 5s Ser A __ _1965 F A
Feb
100
221
2
Debenture ctfs "B"
'
9
---- 99% July
10
8
'2
%
2
6
7
,.
'22
!
Sept'22
Sept
__4
80
80
lot & refunding 5s Ser 13_ _0923 F A ---- Sale
J7
78
100
9512
98
4
1
98
93
Gulf & S I 1st ref & t g 53_51952 J .1 8918
15 8112 90
1926 F A
1st & refunding 5s Ser C
9012
J
Y
101
Hocking Val 1st cons g 4,s_1999
1.9%4
7
8
3
2
4
11
/
D
9
Series
(3s,
June8'9114
1999
e'i
2g7 219534 1 T38
4
Registered
65 Salo 65
-8 -8.512
General 4s
1948 A 0 85's ---- 8.313 Sept'22 -- - - -7
Col & H V 1st ext g 4s
1
8414 Sept'22 ---- 7812 83
Missouri Pacific—
1953 F A 8414 __
1 7638 85,2
Col Sr Tol let ext 45
8512
85% ____ 8512
N
IS1
96
1938
8
898
4%
-:-____-:at
2
152
2
:2
extended
t
.
'
ivI
7s
p
uo
e
jN
S
8
3d
1
957
96
775
1 74
Houston Belt & Term 1st 5s_1937 j .1 95
77%
73
7758
D 75
3,8 se:
2
34
87:21i2 _2_1,
7,
52 4
7
:
512 88
77
Cent Br U P 1st g 4s
9:4 _ 7_14_ 86
1957 F A 8
Bud & Manhat 5s ser A
39
8818 --__ 89 Sept'22 --__ 83
1 A
Pac ItR of Mo 1st ext g 4s_IN1 .
66,2 66
1957 A 0 GG
Adjust income 5s
98
92
—
98
_Aug'22
100
9731
gold
extended
20
1932 F A
N Y & Jersey 1st 53
9918
9912 14 941a 99 8
j 9814 100
218 96
88
83
972 98% 96
838 Sept'22 ____1' 9
5s38
g 53_11931 .1A O
St L Ir 1‘1 AS gen con
_ _7_8_72_ _6212
Illinois Central 1st gold 4s__ _1951 J .1
Gen con stamp gu g 58_1931 A 0 ____ __ _ _ 1 102 July'14 —9
1951
Registered
8914
91
8812
8914
J
-iii8
"ieN
J
1929
Unified de ref gold 4s_
8612 82
1./51 j J 83
1st gold 3yis
8612 126 I 753g 8312
84
Riv & G Div 1st g 4s__.,i933 M N 8612 Sale i 86
____
--------.1
J
1951
g
Registered
1 9078 98
93
2
Verdi V I & W 1st g 5s__..1926 M 5 98 ----' 98
Oct'21 --Extended 1st gold 3;is...._ _1951 A 0 ..)
____ _-__
1927 J D 105 10512 10478 Aug'22 __-_' 10112 105
Mobile & Ohio new gold 63
1951 A 0 ---- 84
Registered
10014 _-_-,103 Sept'22 __ I 9712 103
J
Q
1,1927
6s
,,,
gold
ext
Juiiii4
1st
6
1051 M S
let gold 33 sterling
7714 21 6731 7714
8634 iu
1938 M 5 7812 ----I 7714
General gold 4s
1952 M S -gf1;"/U1; 8014
Collateral trust gold 45
__ 953e Sept'19 ---- ...(if; -64-;Montgomery Div 1st g 5s..1947 F A 943 9512 957 Aug'22 _--- 8612 9378
1952 A 0
Registered
95 Aug'22„io , g,
1
758
97
35
D
lit;
"
J
9631
cif%
Div
1927
Louis
5
5
1
0
9
8
St
912
,
8
Ids
2
10
1955 M N 1st refunding 4s
9
1 7658 8034
St L & Cairo guar g 4s_ _ _ _1931 J J 9034 Sale I 9034
1952 J J 79% 81%
Purchased lines 3 yis
5 97 10318
10114
A 0 1004 10112 10114
1928
lot
L
St
&
5s
Chatt
4
8
,
833
7818
81
843
Sale
!
4
3
Na.shv
833
4
....1953
N
M
L N 0 & Texas gold 45_
Jasper Branch 1st g Os__ _ _1923 J J 100 __ __ 10014 July'22.-- 100 10014
1953 M N ---- ..___ 82 Aug'22
Registered
30
3014 Sept'22 ----': 2131 45
12
1; 8
10212 _6
69
101 Sale 101
Nat Rys of Mex pr lien 4;i8_ _1957 J J 29
23
96
09
8
6
5834 113
8
54
394
323
15-year secured 5 kis
1977 A 0 2812 __-- 2912 Feb'22 ---- 1 2912 33
11
9
Guaranteed general 4s
8
1120172
Sept'22t22
11078
Sale
j
1
(
2
193 j
J
32
15-year secured 63s g
-3138 Mar'22 --__ , 28
---J
J
lien
1926
Meg
prior
of
4;5s
Nat
8134 93
o
1050 .1 D 9
Cair Bridge gold 43
25 July'22 --- i 2112 3331
112 ::::: 693s June'22 ---70
1951 A 0 -__ . 28
1st consol 45
861
Litchfield Div 1st gold 39._1951 .1 .1
3512 31 , 79
J 84% 8514 8418
J
5
21
78122
'52
&
Aug,2
ref
1st
A
12
,8
imp
8
NE
0
455s
7
8
795
&
7812
NO
81
73
Louisv Div & Term g 338s_1953 J J
17 I 70'3 8113
81
7812 7913 7878
1953 J J
New Orleans Term 1st 45
F A 6
_
Omaha Div 1st gold 3s_ __1951
8 9512 10112
10012
70
814 (7'497142 7212 Aug'22
7:31%
6
2 7779
12
1%
2
& Mexico 1st 68..1925 J D 10014 10118 10012
Texas
0
N
J
J
1051
58 62
St Louis Div & Term g 3s
8012
79
1935 A 0 78 Sale 7734
Non-cum income 5s A
7918 Sale
1951 J J
Gold 3 yis
10634 335 98 108%
1935 M N 1041 Sale 10414
812 July'22 ---il
9%79%
N Y Cent RR cony deb 6s
1951 1 J 791s __- - 7
Spring( Div 1st g 3
087a
-5' 17
5,7g 18
08
5 —3
_ ----105 Aug'22
1930 I\1 $ ---8614
0
7
coil
trust
-year
-72
8
:-7
8
Sept'22
4
1'
8'8
8
6
'
10
1951 F A 83 --- Western Lines 1st g 4s
83
1998 F A ____ 83
92 Nov'10
Consol 4s Serlui A
1951 F A
Registered
9014, 32 , 8514 92
8814 Sale 8814
Ref & impt 455s "A"
_ IT 100% Sept'22 -i "lisii4 Wolf,
:
8"
1923 J D iii(11334 7
76
99
llellev &Car let Os
1
7
7:
9914'1575 I 9
2
4
%
9
9734 Sale 9734
210
12 i
9
(
2
0
1
2
5s
,
6
0212
impt
6213
9
&
ref
____
Temp
92
90
1932 M 5
Carb a.: Shaw 1st gold 4s
&
River—
Hudson
9934 Sept'22
N Y Central
8314
7412
1
1951 J D 9912 104
361
Chic St L az N 0 gold 5s
8314
7912 Sale 7914
1997 J .1
99 Aug'21 ---- ........ --- Mortgage 3 s
D
1951
J
-----•
Registered
8118 77 Aug'22
1997 .1 J 75
Registered
03
1951 J D 7514 ---- 6534 Dec'21
14 84
Gold 3.s
917
9058 9118 9018
9912 "ii
Debenture gold 4s
Sale 98
___I.
Joint lot ref 5s Series A.1963 J D 9818
F IN
21 ;I
1,
82
Registered
1
1
2
8
i
May'22
4
,
i
3
11
'
?
---84
8
817
01
Memph Div lot g 4s__1951 J D
7412
83
A
F
2
48
0,
9
1
1
4s
debenture
Sept'21
-year
80
30
3 0
69
St Louis Sou 1st gu g 4s__ _1931 AI S 8612 9078 88
6114
1 774
937'
791; .1S7977:7222u
9
2 7
A ;7
4
;6717
8:
4
6119.4
-- -g - -fp11Lake Shore coil gold 3 iti.._ 98
___ 91
7478
1950 J J
Ind III & Iowa 1st g 44
79
7412 Aug'22 ___ 1 1 72
1011
1008
Registered
Sept'22Sept'22-Sept'22
---1
100
100 4
14 8134
lot & Great Nor tot g ext 7s 1922 M N
111
71
8134
F
8012
A
--__
1998
_1998
5334
406
513
gold
355s._
Mich Cent coll
1952 J j 5112 Salo
Adjust Os
7412
7912 8012 7412 July'22 ----' 72
1998 F A
2
5112
5814
8612 Aug'22 --__ 8
2 86
Registered
James Frank & Clear 1st 45 1939 .1 D 868 89
60 62
70
Battle Cr& Stur 1st go 3s_ _1998 J D 60 ---- 60 July'22 ......1
Kansas City Sou 1st gold 3s 1950 A 0 69% 70
8_8
.
4
843
.__.
11
.
L
:
'22
____
r
p
88
A
J
J
72
109 -..(.;.! 63
'
7
Oct
Beech Creek 1st gu g 4s__ _1936
1950 A 0 ------78
Registered
.. '
7612 July'21
1936 .9
9318 71 14— 7.11-2
Registered
Apr 1950 J J 91,2 Sale 9131
Ref az irnpt 58
_
--....--1
____
--1May'16
9114104
s
--J815j
J
j
8
0
87
3
93
1
.5s
gold
843
2d guar
7931 8631
Kansas City Term 1st 4s____1960 .1 J 8312 Sale 8312
7214 ____ 60 July'22
D
96
99
1 85
Beech Cr Ext 1st g 3ji 3_ _61951 A O
Lake Erie & West lot g 5s____1937 .1 J 9514 Sale 6514
1 12 °ill?)
83 ____ 8212 Mar'22 ----_-_- I 2
1981 J
4s
g
gu
lot
Ad
&
Cart
988457%
2d gold 5s
1941 j .1
784611
.
9931
-.1.4i- 6
87830814 SjJeuulii)::.5.222'2
!
734:
78
87%
:
1 -____
Ka A AGR 1st gui g Os_ __1935 J J
North Ohio 1st guar g 59_1945 A 0
8 .8_0_1_2 "81 Sept'22
8114
70
1997 J D 8
Lake Shore gold 3555
90 Sept'22 _ . 9031 97
97
1940 .1 .1 95
Leh Val N Y lot gu g 4lis
27184 goo.%
4 _
80% A15212
Registered
Registered
1940 J .1 53
94 Sale 95
11,39
Debenture gold 4s
2003 54 N 85 Sale 84
Lehigh Val (Pa) cons g 45
8 Sale 1312
74 8S12 953
94
931
M
3
36
93
9214
96
-year
gold
4s
85
25
General cons 4;is
2003 M N 9214 03
July'21
193
Registered
Leh V Term Ry 1st go g 55_1941 A 0 10212 ____ 10212 Sept'22 ---- 081,g 10212
---1941 A 0 ---- ---- 113 Mar'12
Regi-tered
IC
r, rr:m -_-_- -i-:
_88
13195 ri t
10234 ,0278
2
95
•
2
•
8512
• No price Friday: latest b13 and naked this week.
a Due Jan, 8 Due Feb. IDUS Juno. I Due July. st Due Sept. o Due Oct
pollen sale.
•
New York Bond Record—Concluded—Page 4
1520
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept 29
t;
Price
Friday
Sept 29
Week's
Range or
Last Sale
.g:SI
"
Range
Since
Jan.!
BONDS
N. Y STOCK EXCHANGE
Week ending Sept 29
Price
Friday
Sept 29
Week's
Range or
Lass Sale
1:94
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
Ask Low
Bid
High No. Low High
Street Railway
24 10113 108
4
5434
7 31
67
Cuban Am Sugar 1st coll 8s .1031 M S 10712 Sale 10712 108
Brooklyn Rapid Tran g 5s___1945 A 0 6212 67 648
32 107 11012
10713
62
6112
Sale
107
107
N
Sale
6112
M
s
9
dab
f
Match
7345_1936
Diamond
3515
8
647
.1
1st refund cony gold 4s____2002 J
33 6315
25
6215
594
5834
53
94
53 58
9515 Distill See Cor cony 1st g 56_1927 A 0
3-yr 7% secured notes_ _ _ _k1921 J J 9015 Sale 9015
874 95
9215 171 6812 95
90 Sale 89
_1936 J D 8812 ____ 95 Aug'22
E I du Pont Powder 4
Certificates of deposit
115
10814
1031s
10813
10758
Sale
10758
N
86
M
87
86,
2
8914
'31
80
&
734s
de
Co
54
Nemours
92
du Pont
Certfs of deposit stamped_
10634 33 9978 10812
874 89
90
1941 M S 10614 Sale 10614
8 75 9014 Fisk Rubber 1st 8 I 88
Bklyn Un El 1st g 4-5s____1950 F--A 85
9513 97 9112 103
9413
89
Sale
93
87
J
8513
J
90
Div
Ind
'42
&
7
7
20-yr
Frametic
7512
93
A
F
1956
4-55
guar
Stamped
80 Sept'22
64 80
General Baking 1st 25-yr 6s_ _1936 J D 99 ---- 100 Sept'22,---- 9312 1004
Kings County E 1st g 413_1949 F A 7934 81
8012 Sept'22 --,, 7034 81
7934
7934
1942 F A 7912 82
82
66
Gen Electric deb g 334s
1949 F A 7984 81
Stamped guar 4s
65
111
6214
Sale
62
1952 88 S 10034 10078 10013 10134 23 95 103
27
Debenture 5e
65
J
Nassau Elec guar gold 4s_ _ n511 J
10614' 37 103 109
105
106
10515
8238 100
Feb 1940 F A
20-year deb (is
1927 F A 8114 Sale 8118
Chicago Rys 1st 5s
232 9778 104
7612 June'22
1957 J .1 10078 Sale 10058 102
Goodrich Co 6348
Conn Ry & L 1st & ref g 4;is 19514 J 8238
154 1104 117
11612
Sale
115
11415
8212
____
73
M
'41
N
Apr'22
8s
f
s
1st
Rub
Goodyear Tire &
1951I3 J
Stamped guar 4)is
10038. 392 9734 1034
8534 58 63
e1931 F A 9938 Sale 9834
6777°512
10-year s f deb g 88
4 8
Det United 1st cons g 4;ts_ _ _1932 J J 85 854 85
8778365:3
2
8934 85 88 9414
8918
89
Sale
58
MN
_1947
Line
65
Holland-American
Jan'20
8
M
_1936
&
Lt
5s__
Tr
g
Smith
1st
Ft
16
18254
81
16
134 --,7
c Int Agile Corp 1st 20-yr 5s_1932 M N 80 8012 80
F4 8
Interboro Metrop coil 4Sis 1956.A 0 15 —fr 1512
72
13 10
12212
108
1538 Sale 1514
17
2281
84
4 Internat Cement cony 8s__ _ _1926 J D 10715 Sale 107
Certificates of deposit
119
89
9912
9315
7314
9234
Sale
4
71
923
7112
A
Sale
I
O
_1941
68_
s
237
Marine
Mercan
54
Inter
753
3
Interboro Rap Tran 1st 5S___19661.1 J
9012 10 88 9013
784 7912 7912
1947 J j _gir2 5;ye_ 90
8012 74 7614 834 International Par
Paper ,511
10-year 65
9014 142 8314 9012
8814
9733 Sale 9714
98
19473
197 934 98
1st & ref 5s B
1932!
75
212 7718 96
4
788
83
81
Sale
j
68
6812
6813
684
J
1947
Os
Works
9
5712 7212 Jurgens
Manhat Ry(N Y)cons g 4s 1990'A 0
44 102 108
105
10413
A 105 Sale
674 May'22 --- 5713 674 Kayser & Co 78
1990 A 0
Stamped tax exempt
44 10178 110
109
. 60 Aug'22
M N 108 10818 108
15
1942 F
4834 60
Kelly-Springfield Tire 8a...._.,1931
20133 D -1/F3 1;
2d 45
9634 9834
Sept'22
98
9814
8
975
80
84
D
84
1936 J
Aug'22
Kinney Co 734e
Manila Elec Ry & Lt s f 5s_ _1953 M S
5 112 120
11934
90 --6
-7
- 6
84
113 8
92
Liggett & Myers Tobac 7s__ _1944 A O 11834 119 111958
4
Market St Ry 1st cons 5s_ _.._1924 M S 89 Sale 884
9178 10012
28
100
9934
I
100
4
993
A
9353
9414
94
F
1951
22
9414
90
5s
4
3
97
1924i A 0
5-year6% notes
11918 12 112 11914
1944 A O 118 11812 118
Lorillard Co (P) 78
Metropolitan Street Ry—
1
96
76
2 50
1951 F A
78
5s
B'way & 7th Av 1st c g 5s_1943 J D 7311 7515 75
71112
98%
8 180
632
15 43 82
23 Sept'22 ___ 1713 25
Manati Sugar 734s
Col & 9th Av 1st gu g 58_1992 M $ 2012 2412
S8
8
8915 42 78 9112
9
5111; Sale 8
s -8
5512 55
55
2 JA O
39
94
16
1 39 55
Morris & Co 1st s f 4 Ms
Lex Av & P F 1st gu g 5s_ _1993 M S 5358
9213 974
---- 9714 Sept'22
98
siSly
9712
98
D
.1
99
9714
8
_1929
58_
1st
Stampg
&
Enam
Nat
A
F
Milw Elec Ry & Lt cons g 56_1926
95
95
8912 __ 8913 Aug'22 -___ 7914 90
.1 95 ---- 95 Sept'22
Nat Starch 20-year deb 58___1930
Refunding & eaten 4iis
1931 3
10212 48 97 10215
90
4 Feb
,
9212 N Y Air Brake 1st cony Els__ _1928 MN 10134 Sale 10134
90231
4 10 83
Montreal Tram lst & ref 5s1941'J .1 8812 93 5
82
8312 82 Sept'22 --__ 76
8118
FA
1951
48
g
1st
50-yr
Y
—
N
Dock
New On Ry & Lt gen 450_1935J J
10713 25 98 10814
107
- 34 Deo'21
Packard Motor Car 10-yr 8s_ _1931 AO 10715 Sale 1034
N Y Muni° Ry 1st a 1 5s A_1966:J
8 99 104
104
37 Sale 37
3712
1931 MN 10315 104
Porto Rican Am Tob 88
N Y Rys 1st R E & ref 45_19421J
46 10114 11184
10815
10614
Sale
10615
35
3814
3512
2
J
J
1
4
1937
-24
3634
2-6.1-3 44
Punta Alegre Sugar 75
Certificates of deposit
9312 99
66
99
9713
Sale
9734
9
9
91
9
1 54 15
1937 M
Remington Arms (is
a1942 A 0
30-year adj inc 5s
10334' 39 98 10334
812 33 434 134 Saks Co 78
1942 MS 101 Sale 10012
84 814 8
Certificates of deposit
103
94
128
1
103
Sale
1003
10112
4
7214
71
72
South Porto Rico Sugar 7s__ _1941 JD
N Y State Rys 1st COM 4Hs_1962'M N 71
6 90 100
9953
9614 95
61 65
2
9112 9
77
1930 MN 9912 Sale 9912
34 Standard Milling 1st 5s
9512
Nor Ohio Trac & Light 6s__ _1947,M S 95
105
9714
10434
105
108
106181
35
91
____
9113
914
3D
2
81
9115
1931
f
s
Tobacco Products
7s
Portland Ry 1st & ref 5.1_ _ _1930 M N
__ 10434 June'221---- 8812 10474
87
8834 53 7812 90
Union Bag & Paper 1st 5s__ _1930 .1 .1 102
Portland Ry Lt & P 1st ref 5s1942 F A 8718 8812
0112
10034 44 9614 110
____ 1084 10813
7 102 10812
1942 MN 10012 Sale 100
68
1st & refund 7;is Ser A_ _ _19,46 M N 10
10312 10334, 26 10184 105
10312
_
9412
8812
June'22
F
1930
Union Tank Car equip 7s_
Portland Gen Elea 1st 5s_ _19354 J
10le
I
113
28
112
104
11114
10438
Sale
- 88
8915 -4
-6
7312 9
: United Drug cony 8s
81
801
1941 3D 1
Pub Say Corp of NJ gen 5s_1959,A 0 894 gide 894
13
24 5618 6933 US Realty dr I cony deb g 5e..1924 33 97 Sale 97
Third Ave 1st ref 4s
196013
04 19
02
44
16
081
1138
24
905s;
98
10
6:
5 Sale 65L867705;1142
2
1923 J D 10214 103 10214
a19601A 0 16
1531 4412 6834 U S Rubber 5-year sec 7s_
AdjIncome 5s
jean:8;582221122!
186 92
9812 22
0 9
86
8 19
lst & ref 5s series A
04
0813
1947 33 89 Sale 8914
19371J .11 9712 98 _ 9812
Third Ave Ry 1st g 5s
2V1 04
108
3
1067
10738
Sale
FA
734s
10
-year
1930
Trl City Ry & Lt 1st s f 5s__ _I9231A 0
2 10112
03
4 9
29
02
121i 8
8 100058
0134
00
10
Va-Caro Chem let I5-yr 58_1923 J D 1100380014
19331 .1 3
Undergr of London 43s
Sale
Sept'22 ----Cony deb 6s
e1924 AO
80 70
73
312
1948 3 J 72 -g63
Income 65
s
997
9784
179
9812'
98
Sale
9714
4
89
8914
_16
Ts
1947 3D
United Rys Inv 5s Pitts issue 1926,M N
10784' 137 9015 10784
64
2 511s 67
12-year s f 730
1932 MN 10518 Sale 1054
• 3 64 65 64
United Rys St L 1st g
10334 56 9912 104
10214
10258
Sale
7
5
5
6
6014
694
8
5
May'22
9
1
58
Warner
75
3D
Sugar
1941
St Louis Transit gu 58._ _ _1924'A 0 8418 ____ 85
100 I 11 99 10012
8612 West Electric 1st 58_ _ __Dee 1922• J 100 1004 100
864 16, 72
19343
VaRy Pow 1st & ref 56
67 103 109
Westinghouse E & M 7s
1931 MN 10734 Sale 10712 10813, 193
Gas and Electric Light
93 10234
10234,
86
100
10158
8514
Sale
8412
84
16I
70
88
1st
Co
&
5
AO
68_
25-yr
Wilson
f
_1941
0
1934,A
Am Wat Wks & EJec 5s
79 84 10012
9L12'
9714
9715
Sale
8
000
78,1 118
9812
278 110
9
011;
10:147
18
10-year cony s f 65
1928 J o
Bklyn Edison Inc gen 5s A_19491J J 954 984 9578
131
9412 110
10734'
10312 104 10313 1037s
Temporary 74s
1931 FA 106 sale 1054
1930 J
General(3s series B
10638
Oils
19303 J 1064 107 10618
General 7s series C
9812 10414
130
99
I
10813
100
9914
Sale
10712
33 1064 109
Atlantic Refg deb 55
1937 J i
19403 D 1074 10814
General 7s series D
9934 229 9834 10035
9113 9812 994
9912 171 1 874 9912 Humble Oil & Refining 3343 -1932 33 9834 Sale 9812
Bklyn Un Gas 1st cons g 5s 1945 M N 103_ 10213
10214
29
9912
90
9612
98
s
1
963
1054
8s
101
Oil
40
Invincible
104
4
1931 M
C
anada Gen Elec Co 68
8434 126
9912
92 101
9812
.
Marland Oil f58 with war nts '31 AO 12015 Sale 12118
984 Elide ,
Cincin Gas & Elec lst & ref 58 11195g1A
99 1074
106 10614 106
9512 vo
94
9618
'
8814
s
97
Petroleum
Mexican
1
_1936
_
MN
_
85_
J
19273
1
Columbia 0& E 1st 58
9412 103
7 3 539
22
0
5421
9512 9534
9534
1. 88
97
Pan-Amer P & T let 10-yr 78_1930 FA 102 Sale 10115
19271J J 94
Stamped__..
9412 10214
Sept'
Pierce 011 s 1 8s
1931 J D 9012 9734 9615
92
Columbus Gas let gold 5s_ _ _1932IJ
99 118
116
127464
1197
3
116
D
s
J
Ref
88(with
f
125
&
Prod
war'nts)'31
—
Di
F
1925Q
Consol Gas 5-yr cony 7s
98 1064
106
105
Sale
1651
10014
100
10014 9, 93 10058 Sinclair Con Oil cony 7)0_1925 MN 10)15 Bale 10012
4
Detroit City Gas gold 5s_ _ I923'J J 100 10012
006159861311234.1337521167784 98 102
10113
101,
3 93 10112
1937 M
15-year 7s
Detroit Edison 1st ooil tr 5,9_1933 J J
9914 205 98 9934
9678 Salo 9853
91`8
9784
AO
171
8914
534s
9715
Crude
Oil
1925
9713
99
Sinclair
k1940 M
1st & ref 58 ser A
105 1074
10515 40 9912 10612 Standard 011 of Cal 7s
104 sale 105
a1931 FA 10534 Sale 105
k1940,M S 104
1st & ref (is series B
6 100 10433
10338
105 10412 10538
1931 FA 103 Sale 103
100 10,534 Tide Water Oil 634s
Duquesne Lt 1st & coil 6s_ _19494 .3 1074 10778 10713 10813 62
17
1043
4 10834
1936'J J
Debenture 7s
Mining
Sale
382 96
9834
1212
Empire Gas & Fuel 70s_....1937 M N 96
5 8
9131 9934 10
913
984 914
9
1'6
012 19
06
072
1 94,2 100
Alaska Gold M deb 68 A_ _ _ _1925 M S
1078
Great Falls Power 1st s f 5s_ _1940 M N 92 ____ 9113 Sept'22
878 714 Sept'22 -- 0
8
1926 M S
Cony deb 6s series B
7714 92
1952 F A 9712
Havana Elec consol g 5s
259
96
I
8612
95
9318
Sale
9358
90 Aug'22
8512 90
Am.Sm & R let 30-yr 5s ser A 1947 A 0
1949 M N
Hudson Co Gas lst g 5s
9978' 80 93 10014
9112 98
Braden Cop M colt tr s f 6s...1931 F A 9934 100 9934
1937i A 0 100 ____ 974 Aug'22
Kings Co El L & P g 5s
127 1 152 110 129
1931 J J 12284 Sale 122
10612 11112 Cerro de Pasco Cop 8s
3 Sept'22
1%
15
1997.A 0 11018 11113 10
Purchase money 68
11018 212 99 111
107 Sale 107
114
10-yr
cony
78_
N
_1923
M
Copper
98
Chile
107
S
1925 M
341 84
Convertible deb 6s
97
.9— 90, Aug'22
Coll tr ,tc cony Os ser A__ _ _1932 A 0 9518 Sale 94
-5
8118 90
87 94
Ed El Iii Bkn 1st con g 49_1939 J J 884
95
6
9,8
9214 93
9518 Granby Cons M S & P con Os A '28 M N 874 _ _ _ 92 Sept'22
86
Lac Gas L of St L ref & ext 5s 1934 A 0 94
95
92 95
87 99
95
9414
94
N
M
9414
1928
8712
Stamped
9414
1927 NI N 99
Milwaukee Gas L 1st 43
1 86 102
9812 11
994 99
9978 44 93
1925 M N 97 9812 97
Cony deben 8s
9912
1943
Montana Power 1st 5s A
9212 101
11114
112
111
37 10534 11284 Tennessee Cop 1st cony Os......1925 88 N 99 1004 100 Aug'22
N Y Edison 1st & ref 6345 A_1941 A 0 9934 Sale
12 9534 1033.
103
10118 Sale ,10114
994
loos
&
Ref
M
100
A
F
(is_
11
8
_1926
Smelt
cony
925
1015
8
S
U
1948J D
NYGEL&Pg 58
85
2 76
8414
Coal, Iron and Steel
8514
1
1949 F A 847s Sale 10112
Purchase money g 4s
1004 20 9612 1005s
101 ____
Aug'22 ____110012 1014 Beth Steel 1st ext s 1 5s
1926 J .1 9834 9914 99
Ed Elec Ill 1st cons g 5s__ _1995 J J 10013 10114 100
12 8912 100
39 94 10184
1st & ref 5s guar A
1942 M N
3 10412 ____ 105
Niagara Falls Power let 5s 1932
9454
105
1'
7134 90 86
6
3
Sale
94
9
9
9
12
7
4
9
Wt'2!
1
Sept'22
je1
15 10012
19363 J
20-yr p m & imp s f 5s
a1932 A 0
Ref & gen 6s
84 135 98 10112
9534 Jun '22
10014 Sale 10014
100
98
A
A
F
6s
1948
4
3
95
95
N
Niag Lock dr 0 Pow 1st 5s_ _1954M
1
2
2
:
r
pg
u
A
90
78
100
9412
9312
Susq
Iron
s 1 5s
94 5;17
Buff &
40 8813 95
1932 J D
Nor States Power 25-yr fis A.1941'A 0 9573 Sale 954
100 16d964 153 90
9612
Debenture 5s
a1926 M S
1952 M S 9758 9878
No Amer Edison Os
82 92
91
984
99
99
3 90
1943 F A 9113 Sale 91
Colo Se 1 Co gen s 5s
Ontario Power N F let 5s_ _ _1943 F A 92 ____ 9113 July'22
8212
7812 78
793495 71
914 Col Indus 1st & coll 5s gu__ _1934 F A 78
79
Ontario Tran,smission 5s. _ _ _1945 M N
9212
9
91
_sr 86
9774
9854
91
l'qd
of
Coal
&
1st
ref
J
58_1950
Cons
Pacific & E Co—Cal G &
964 10214
98
973
9712
4
9812
93
Aug'22
Coal
Horn
3
977
cony
D
1925
6s
J
Elk
1937IM N
Corp unifying At ref 5s_
94
9314
9212
31
3
937
Ms
97
94
9434 136, 87
Illinois Steel deb 434s
1940 A 0 9214 Sale
Pacific G & El gen & ref 5s_ _ _1942I J J 9414 Sale
9412
10178 84 964 1024
95
9434 10' 874 9512 Indiana Steel 1st 55
1952 M N 102 Sale 10115
Pao Pow & Lt 1st & ref 20-yr 5s'30;F A 109 lii 110 Sept'22
933
4
10012
9
100
100
100
Sale
g
Steel
1st
10114
Lackawanna
5s.._
_1923 A 0
110
0
Peop Gas & C 1st cons g 68_ 1943A_
9434
9434 28 82
9212 Sale 9212
9512
1950 M
9314 9618 95
lit cons .58 series A
1 85 9612
1947 MS 974
Refunding gold 55
90 94
99
974
9718
Lehigh C & Nav s f 4)is A_ _1954 J J 9312 ___ 94 Jtwe'22
2 89 99
Ch G L & Coke 1st gu g 5s_1937 J J 9634 __-_ N12 jA
9254
83
207
9084
89
89
Sale
99
92
une2 ,---:
Aug'22,___
Midvale Steel &0 cony 5 f 5s_1936 M S
Con G Co of Ch 1st Rug 5s_1936 ii 9613
10114 22 9453 10112
7812 784 National Tube 1st 5s
1952 M N 10658 101 101
_
3
Mu Fuel Gas 1st cu g 5s_ _1947 M N 10118
9612 103
10
10012
____
100
101
10012
4
9613
F
(is
1()11
A
1941
Steel
Otis
78
102
i51.12
1944 F A
Philadelphia Co Os A
9214 Aug'22 -- 874 924
Sept'22
9212 9712 Pocah Con Colliers 1st 5 1 5s_1957 J .1 9314 96
Stand Gas St El cony s f 6s_ _ _1926 J
2724
9818 12 90 98,8
19)41528
95
85
97
9458 Repub I & S 10-30-yr 5s s 1_ _1940 A 0
Syracuse Lighting 1st g 53_1951 3 D 105
8773
107
8712 12 78
867715
4
7
8
9
8
96
854
P
1073
&
Mt
5s
10412
J
stmixi_ _1955 J
41 16
109
St L Rock
10712
1941 M S
Toledo Edison 78
52 9312 100
99
9818 ____ 9784
Hoop
1st
sir
8s
M
Steel
S
A1941
Sharon
3949M
S
5s
g
91
1st
Trenton G & El
22 97 10212
7(112 j
9
1024
10218
8
____
1017
uug
A
2
'
ne.
2
1
7s
f
i61ear
gins
2
9012
Tube
J
•1
C.1951
Je
Steel
-11
Union Elec Lt & P 1st g 5s__ _1932 M S 98
1 964 1004
712 -69-1
2 ?
‘V2
99121 22 9314 9912 Tenn Coal I & RR gen 5s___ _1951 J .1 100 ____ 10053 1005s
United Fuel Gas 1st s f Os. _ _1936 J J 93 933
10334 119 9912 10412
94
d1963 MN 10212 Sale 103
4 '"
30 8713 9412 U S Steel Corp/coup
1944 FA 94
Utah Power & Lt 1st 53
99 10412
91
10413
Sept'22
_
_
4
983
91
Juni
8434
9
;
g
22
i1
d1963
MN
581reg
10-60-Yr
1
s
1957 33
9412
Utica Gas & Elec ref 5s
_ 87
9478 9413 Sept'22
9912 Va Iron Coal & Coke let g 58_1949 M S 94
95
_-- 99
9,
1939 J J 100
Wash Wat Power s f 5s
9978 12 97 1014
99 100 9914
9514
89
Steel
let
____
Spen
713_
_1935
Wickwire
MS
West Penn Power Ser A 58_ _ _1946
9434
4
1053
and
12
Telephone
Telegraph
10318
34 --_6
10534
_1
c1946 FA
1st series D 7s
81 75 8034
80
8012 80
Adams Express coll tr g 4s_ _ _1948 M S 80
Manufacturing & Industrial
0412
9 4 19
8
1:
73
94
9912 15 9712 10314 Ain Telep & Tcleg coll tr 4& 19291J J 9214 Sale 914
994 Sale 99
1936 3
Ajax Rubber 8s
10 8014 93
90
90
88
90
973
4
1936 M S
99
Convertible 4s
2; 814 10013
1928 A 0 974 98
Am Agric Chem 1st 5s_ _ 102
1933 M S 10138 10134 102
20-year cony 434s
1941 F A 10334 Sale 10312 ,10513 83 loo 10184
1st ref s ”is g
10014 183 914 10014
99
93
9012
92
171 81
30-year temp coll It 58.. _ _1946 J D 9834 Sale 11438
1931 M N
Am Cot Oil debenture 5s
11 108 120
116
10812 Sept'22
1925 F A 11438 Sale
107 10812
7-year convertible Os
1936J J
Am Dock dr Impt gu 6s
10814 52 107 112
10778 Sale 10712
0
A
_1945
104
_
A
7s
f
s
102
Pa
of
Sale
4
Teleph
10218
149
1047
Bell
J
13
,,,
07
9
American Sugar Refining (is_ _1937 J
9718 10014
23
100
99
10014
100
D
J
_1943
5s_
88
8434
ow:
85
86
844
-year
39
Cent DLst Tel 1st 30
1939 .1 J
Am Writ Papers f 7-6s
78
1 72
78
7615
sale 91
92
Commercial Cable let g 4s__ _2397 Q .1 7618 78
85' 8613 94
Armour & Co 1st real est 434ti 1939 J D 9012
8 24 884 96
947
414
9
314
9
9414
35
5012
35
2312
J
.1
3812
_1937
5s.._
4
353
gen
&
1st
T
&
T
Cumb
6
Atlantic Fruit cony deb 7s A _1934 J D
994
10
4
9914
943
8812
9912
9912
A
F
2
102
1097
1044 Aug'22
Mich State Teleph let 5s. _ _1924
Atlas Powder cony 7;48 g_ _ _ _1936 F A
9914 100
361 9712 100
1034
10314
5 9918 10312 New England Tel & Tel 58 _1952 J D 994 Sale
Baldw Loco Works 1st 5s_ __ _1940 NI N 103
8512 1034
97
151
Sale
9634
9638
884
_
9714
85
N
M
yis_1939
4
f
s
Sept'22
gen
774 854 N Y Telep let &
1952 A 0
Bush Terminal 1st 4s
10612 10783 48 10134 10878
8214 94
921
30-year deben s 1 6s_ _ _Feb 1949 F A 10714 __-- 1105
1
1955 J J 92 gale
6 9112
Consol 5s
10714 120 1017
Sale
1054
.
9534
10814
0
8014
A
_1941
Os_
94
gold
Sale
refunding
953
-year
4
94
20
1
Building 55 guar tax ex__ _ _1960 A 0
10778 129 1054 109
10734 Sale 110718
8915 8973 Sept'2276
8978 Northwest'n Bell T 1st 78 A_I941 F A
1931 A 0 86
Cent Foundry lets f Os
9434 33 917s 100
1937 J J
984 ii 9314 99t4 Pacific Tel & Tel 1st 53
1925 A 0 984 9812 98
Cent Leather 20-year g 5s_
2
999
ti
Sole
9378 302 91
99
9212
99
3
95
MN
1952
9738
98
9712
9
833
58
9 99
5 100
Computing-Tab-Bees 1 62_1941 J J
98
9712
18 93 9934
I 991 A '
& T 1st 51 513_1941 J J 97 98
Tel
Bell
99
South
N
M
1931
Is
g
f
s
Refg
Corn Prod
9815 10018 10058 10068
9034 101
2,
J
J
2
.
4
14
1.
4
i6j1
1g9
1013
_1938
9912
4
1013
5s_
toll
cur
tr
Union
Western
N,
M
1934
1st 25-year 5 f 58
9438 31' 8812 9453
87
31.
60 91
Fund & real estate g 4;0_1950 M N 94 Sale 94
, 86 sale 8515
Cuba Cane Suaar cony ,s_ ...1930
11214 42 1064 114
1936 F A 11034 Sale 110
90,7 184
15-year 614s g
95
89 Sale 88
Cony deben stamped 8%
bid and asked. epee Jan. spue April. eDue Mar. *Due May. °Due June. liDue July. kDue Aug. oDue Oct. I Due Dec. a Option sgle.
*No price Friday; latest
2/
1
1 :0
7
•
go
•
BOSTON STOCK EXCHANGE Stock Record
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
Sept. 23.
Monday,
Sept. 25.
Tuesday,
Sept. 26.
Wednesday, Thursday,
Sept. 27.
Sept. 28.
Friday,
Sept. 29.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
See next Page
1521
Range since Jan. 1.
Lowest
Highest
Range for previous
year 1921
Lowest
----------
20
--
N L Mar
4
Highest
Shares
Railroads
95 Boston & Albany
1478 1478 *2146 147% 146 147
100 13014 Jan 4 152 May 22 119
147 147
148 14812 148 148
Apr 133 Nov
84
584 Boston Elevated
8512 8854 8512 8512 8434 85
85
8412
8312 84% 84
100 73 Feb 20 8912Sept 12
6178 Jan 79 Nov
Do prof
124
10212 10212 101 10212 10212 10212
100 9414 Mar 1 105 Sept 13
10212 10212 *102 103
78 Jan 100 Dec
Do 1st pref
246
125 12512 12Y 1-2-61-2
100 116 June 22 126 Sept 27 - - - - ---_ ---- ---125 125 *12512 __- 12512 12512 12518 126
10434 1047 104 10434 104 104
Do 28 pref
232
100 102 June 10 109 Sept 13
105 10512 105 105
*2104 105
25
24
23
319 Boston & Maine
24
23
25
23
23
24
100 14 Jan 10 3112May 20 -4312 -Dec -263*25 ____ 25
4 Feb
34
Do pref
42
30
*30
____ ____
32
34
*30
100 20 Jan 9 37 Apr 8
30
30
1612 Nov 30 Jan
34
*31
Do Series A 1st pref
_
124
3712 *37
1
4 3712 37
100 22 Jan 5 4412 Apr 26
*3712 ___ *37 -___ 37/
19 Aug 33 Jan
*52
Do Series B 1st pref__ _100 36 Jan 17 62 May 20
54 *_ _ _ -64 ---- -____
10
56 *54
--56
27 Nov 47 Feb
*3012 ____ *5012 ____ *50 -___ 50
Do Series C 1st pref.. 100 30 Jan 9 54 May 25
50 s- 24 Nov 40 Jan
Do Series D lot pref_100 40 Jan 12 7712May 1
---- ----14
69
.64
*69 __-_ *69 --__ *69 -___ *89 ___
36 Nov 58 Jan
*2160 ____ *2160 ____ *2160 ____ *2161 163
---__ ----10 Boston & Providence
161 161
100 125 Jan 12 163 July 17 110 June 133
Jan
12
214
2112
23
23
East
1,028
23
Mass
2312
2212
21
Street Ry Co_100 18 July 13 2658July 31
1
4 23%
23/
2112
70
73
70 *71
Do 1st pref
71
69
70
73
72
73
72
100 86 Aug 14 77 July 14
73
*70
*54
53
56
56
Do pref B
112
54
53
*53
53
55
100 51 July 13 57 Aug 1
55 *54
*54
_--- ---- --- --37
38
38 *37
*35
Do adiustment
37
53
37
37
37
100 28 July 14 47 Aug 17
3612 37 *36
48
48 *47
4714 48
*47
25 Maine Central
48
48
____
48
_
*47
100 2712 Jan 30 48 Apr 15 -ii- Dec -iil2 -Feb
1
4 3058 2934 3012 2914 2978 __-- ___--885 N Y N H & Hartford
*3038 3034 *3034 3114 30/
100 121
/
4 Jan 3 3473May 22
12 Dec 2314 Jan
___ *283
- *284 ---_ 84
__ __
38 Northern New Hampshire_100 69 Jan 10 96 July 19
*282 ---•
84
60 Apr 75 Feb
97 -97
---- ---- *29712 100
411 Norwich & Worcester pref_100 58 Jan 17 100 June 1
---- ------- ...--- *296 -98
51 Nov 78
Jan
92
90
90
92
92
92 1+190
92
81 Old Colony
92
sx90
1
100 57 Jan 6 9814May 23
9(
50
Oct 75
Jan
42
42
42
42
*3312 -----------10 Rutland pref
100 15 Jan 20 5218June 5
15
Apr 21
Jan
9812 *9612 98
*zii ____I*198
20 Vermont & Massachusetts 100 78 Jan 23 9912 Aug 10
9712 1712 9612 9612
69 Nov 78 Dec
Miscellaneous
1
------1
Amer
Pneumatic Service
180
314 3 4 *314 3 2 *314 31
25
312 3121
312 312
234 Feb 4
2 Jan
414 Jan 27
534 Des
18
1814 18
1712 1734 1812 19
Do pref
18
18
18 ----- ----372
50 13 Feb 20 2014 Aug 10
812 Jan
1538 Nov
12158 12238 12138 122
3,688 Amlr Telephone & Teleg 100 11458 Jan 3 1251
12138 122
12078 12158 12012 1207 12012 1207
9618 Jan 11912 Nov
/
4 Aug 31
71,705
Rights (w I)
3il fe 334
238 Aug 24
3%s 334
3Ns 334
312 338 33.fs 39/fs
3%501)1 20
109 109 *109 110
109 110
108 108
10812 109
119 Amoskeag Mfg
ii5- ITO
No par 104 Jan 10 117 Jan 24 -;
7-4- -ii; 1611 -5;;;
•
8312 89
89
89
89
_
Do prof
20
_ *_
____ ____
89
No par 28012 Jan 17 91 Aug 24
78 Feb 8414 Dec
*1412 16
*1412 16
;1:112 16
id,
-11-2 16
*1V2 16
___ __ _ ______ Art Metal Construe Inc__ 10 1412 Feb 20 2012May 19
12
Jan
18 Sept
____ ____
18
*17
*1712 18
.
18
17
5 Atlas Tack Corp
17
*17
17
18
No par 13 Jan 7 22 May 4
124 Dec 20 Apr
Beacon Chocolate
10
.15 Jan 30
.75 Feb 21
.15 Dec
4 Jan
.a -47:1-2 --.5
-+7.I-2 755 -712 .5 *.12 .20 -;.-12 -.55 -.. ____ _ 155 Boston Mex Pat Trus_No par
.105091 14
.50May 4
.15 July
.95 Jan
___ Century Steel of Amer Inc.. 10
.05 Jan 20
.20 July 17 .0812 Oct
118 Jan
. - -ii- -iii4 lc -iii4 -2i
.-i.2 -if- -2
6- 4 -.2K -2Connor
-04 161(John T1
10 1534 Jan 4 2938Sept, 8
i__i ---983
912 July 1778 Dec
*314 4
*314 4
*314 4
*314 4
*314 4EastBoston Land
10
3 Jan 4
6 A
3 Oct
21
412 Feb
91
*812 918 *812 9
740 Eastern Manufacturing _- 5
912
9
9
9
9
9
9
714July 28 1414 Fb o 10
912 Oct 23
Jan
7958 80
1,132 Eastern SS Lines Inc
7958 797
80
78
*78
80
'7812 7812 '79
78
25 3812 Jan 4 8234 Sept 10
16
Jan 42 Dec
•30
. •50
_
49
*48
49
*48
Do pref
50 42 Jan 7 48 Sept 1
_ -----42 Nov 45 Dec
178 180
17912 1-86 180 11612 ii5- 1-801181 18112 179 180
2 1,235 Edison Electric Illum
100 156 Mar 2 185 Sept 1 1421
/
4 Oct165/
1
4 Dec
111
12
/
4 1114 11
"11
12 *11
330 Elder Corporatlon
11
11
11
_
No par
3 Mar 14 13 May 17
3 Nov 17
Jan
3312 3238 33
33
34
242 Galveston-Houston Elec_100 33 July 11 39 Aug 15
*33
34
34
3212 3212 -3212 -3212
1012 11
11
11
1118 1118 1114 12
230 Gardner Motor
11
11
954 Aug 24 1614 Apr 6
No par
11078
1014:
958 Sept 2314 Apr
1912 1978 197 20
1912 20
*1912 20
240 Greenfield Tap & Die
1912 1912
1 191
25 18 Aug 30 2714 Feb 27
1914 Dec 29 Nov
4712 48 *247
47
48
4712 47
175 Hood Rubber
47
47
4712 -----No par 43 Mar 9 5314 Mar 20
3212 *231
32
1,243 Internat Cement Corp_No par 26 Jan 20 3712May 13
3212 3012 31
31
3134 3134 *31
3114 *x31
25 "20
25 "20
25 "20
Internat Cotton Mills
'
320
25
*20
____ ____
25
50 24125091 19 32 Jan 27 -3
i92 - --IDIest -4ff17-8
3 -fel)
79 *77
*77
*77
80
-----2
Do prof
80
*7612 80
78
78
100 60 Aug 5 80 Sept 11
74 Dec 86 Mar
234 234 *214 234 '3214 234
234
"2
95 International Products_No par
212 2,2 ----------- ---2 Sept 9
812 Mar 25
2 Sept 13 Jan
*912 12
*
Do pret1
12
*
*112
00
7 Jan 5 17 Apr 1
5 Nov 32
Jan
--------------------- -------------_
_ -- Island Oil & Transp Corp.._ 10
---47 Mar
.82 Apr 15
3 Jan 24
2 Sept
8
--ii2 --7-1-2 --rr-18 --8--i34 -.I
'
35.4 -1 --'7i4 --54 ---303 Libby, McNeill & Libby
10
158 Apr 24 1112June 3
518 Dec 13 Jan
"1014 1034 1018 1012 1014 1014 1012 1012
"1014 11
*1014 11
125 Loew's Theatres
25
8 July 1 13 Jan 16
0314 Dec 18 June
89
89
89
88
649 Massachusetts Gas Cos .....100 63 Jan 3 90 Sept 18
88
8812 8812 8812 89
89
87
88,4
5334 Sept 85 Jan
71
70
70
Do pref
88
70
70
71
*70
70
71
7034 71
70
100 62 Jan 3 7112 Aug 29
5812 Oct 64 May
158 15812 157 157
*2156 159 *2157 159
115 Mergenthaler Linotype
156 158
157 157
100 130 Jan 3 159 Sept 20 117 Sept 136 Nov
15
820 Mexican Investment Inc... 10 12 Sept 28 2738June 26
1218
12
1514 1514 12
16
"15
18
*15
16
*15
1312 Sept 3518 Apr
31
31
30
128 Mi391981PD1 River Power
31
31 *23012 31
31
30
3012 31
•230
100 13 Jan 6 34 Aug 31
11 Sept1412 Mar
85
Do stamped prof
53
85 '
38312 85
8512 *8412 -___ 8414 85
*84
100 7212 Jan 9 85 Sept 13
80 June 84 Apr
734 Vs
8
8
940
7% 7%
National
Loather
78
i
714 7%
--ii4
734 734
10 71 509126 1138 Jan 21
214 Dec
914 Jan
112 134
134
680 New England 011 Corp
114 114 "1
114 112
"1
138
/
4
11
/
4 11
1 July 17
5 Jan 28
4 Aug
6 Aug
119 119
117 11712 11(134 118
119 119
149 New England Telephone_ 100 109 Jan 4 125 Sept 19
120 120
120 120
9512 Jan 11234 Dec
Ohio
8
"(312
*612
Body
8
8
& Blowor_No par
*812
*612 8
8
*7
6 Sept 9 14 Mar 18
7 July 1134 Dec
1
4 2618 25
25/
257
2434 2,5% -2T -2-5-3-4 --7-,E)"3-5 Orpheum Circuit Inc
2414 2438 2412 26
1 13 Jan 10 23185091 28
1412 Dec 3014 Apr
155 Pacific Mills
155 158
155 15512
15812 15612 15612 15612 155 156
155 155
155 Sept 26 17412 Mar 11 146
Jan 171 Dee
Reece
1534
Button
*21512
*21512
153
4
Hole
153
"x1512
4
*x1512
10 1212 Apr 18 16 July 17
1814 ------*x15,2 1534
1212 Apr 14 Jan
20 ElimrasMagneto
4
*3
4
*3
4
*3
5
3 Feb 20
314 3/
71
/
4 Apr 5
1
4 *3
4
3 Dec
9/
1
4 May
10734 10812 108 10812 10634 10712 1064 icii- 1,159 Swift & Co
109 10914 10812 109
100 9214 Jan 3 11012Sept 12
8312 July 1053
. Jan
389 Torrington
40
/
4 40
4014
40
40/
1
4 40
4012 4034 4014 4014 4014 401
25 039 July 3 8112June 5
47 June 61 Feb
15 Union Twist Drill
11
*1934 1112 *108 1112 *1012 1112 "1012 1112 11
8 Mar 29 1414 Feb 3
10 Dec 22 Jan
4314 4312 4214 4314 4214 43
-;i2r2 -4872 6,403 United Shoe Mach Corp
4334 4312 437
255 34 Mar 3 45 Mar 24
43
33 Sept 39/
1
4 Jan
671
Do pre
2658 2658
2678 2878 2678 27
2678 27
2678 2678 "22818 27
25 25 Jan 3 272 July 15
2214 Apr 2512 Dec
2814 2858 2,202 Ventura Consol Oil Fields_ 5 2113 Jan 27 3312June 2
/
4 29
29
29
2934 2812 2914 281
2912 29
29
1614 July 2412 Dec
Waldorf
5,085
System
32
3114
33
4
32
Inc
32
33
323
4
313
3314
10
3218
3214
3214
2612 Jan 4 33145091 25
161 Jan 297 Dec
215 Waltham Watch
'778 77
812
*8
812 812
100
78 778
74 712
74 712
7 Jan 3 1454 Apr 26
6 Dec 17 Jan
Do prof
25
*2612 29 *28
28
30
30 "28
*2812 29
100 2612 Aug 14 49 Apr 25
28
36 Sept 75 Jan
-ii f', 11-1-2
Walworth
110
1112
1112
1112
1112
12
*11
1112
Manufacturing_ 20
1112
12
*11
712 Feb 7 1234June 15
8 Sept 17 Feb
3'234 3312 8,564 Warren Bros
3234 33
351
/
4 3258 34
34
3534 34
3314 34
50 1712 Jan 3 35345091 25
11
Apr 2212 Apr
*23613 37
Do 1st pref
25
3634 3634 ___ ____
38
3812 3812 *23612 38 *236
50 3012 Jan 4 33 Sept 21
17 Aug 3312 Dec
25
Do
2d
____
42
42
pref
*x40
42
42
*40
*239
43
42
42
50
5 3312 Feb 18 4434 July 12
16 Oct3534 Dec
____ ____ ------Wickwire Spencer Steel_ .
/
4 *1212 13
131
"1312 14
1312 *13
*131
/
4 1334 "13
1334 Mar 27 21 May 13
8 July 1814 Jan
---- ---- ---- - --- ---- ---- - --- ---- -_- - -- -_ ____ _--- ------ Wollaston Land
.80June 16
5
134 Jan 4
.35 Oct18 Dec
Mining
20 Adventure Consolidated
*.50 1
*.50 1
.50 .50 *.50 1
.50 .50
•.50 1
25
.4 Mar
.50 Jan 31
.75 Mar
1 Apr 15
64
*61
64
*61
62
*62
10 Ahmeek
64
*62 64 "131
64
"82
25 59 May 11 66 May 29
40 Aug 63 Dec
610 Algomah Mining
.
.05 *.03 .05 '3.03 .10
'
.03 .03 *.03 .10
.03 .15
25
.03 Sept 23
.15 July
.50 Apr
.50 Apr 17
26
*24
26
Allouz
25
*23
324
26 '
*24
26
25 "24
*24
•
18 Apr 2412 Nov
23
8
an
y2
Jaanr 19
22
2 m
38 ia
0 34
212J
214 1,360 Arcadian Cotsolidated
2
2
2
2/
1
4 214
214 212
212 2%
*234 3
2255
Vs Sept
334 Jan
72
8
8
"712 8
8
8
712
812 812
205 Arizona Commercial
812
*8
678 Jan 10 Apr
8 Sept 26 1012June 5
5
*1712 18
*1712 18
*1712 18
Bingham Mines
"1712 18
*1712 18
"1712 18
10 13 Jan 5 1812 Sept 11
8 Mar 14 Oct
38 Calumet & Hecia
285 285 285 285 280 285
280 280
280 250
280 285
25 265 Jan 5 301 Aug 25 210 Apr 280 Dec
834 9
834 87
834 834 *834 9
9
9
834 834 1,150 Carson Hill Gold
1
11 Dec 1618 Jan
812 Aug 31 1634 Mar 29
*9
10
*9
10
*9
*9
10
10
10
*9
*9
Centennial
10
25
9 Aug 18 1312 Feb 1
9 Jan 10 Jan
3914 40
3912 3934 3912 3934 3938 40
4012 3912 41
471 Copper Range Co
40
25 3712 Jan 3 4634May 31
27 Jan 4034 Dec
438
412
412
412
438
412
414 438
438 412 1,035 Davis-Daly Copper
*414 412
10
Mar
514
26
Jan
41
914
4
13
Sept
712 Jan
975 975 *et, 1014 1,070 East Butte Copper Mining_
918 10
1014
10/
1
4 10
1012 10
*10
10
7 Aug 1134 Dec
978509127 1214 Jan 26
17 1's '11s 214 "178 2
178
115 Franklin
178 *134 2
*178 214
25
1
13
15
6
Apr
Apr
Apr
37
11
8
314
Jan
*214
234 *214 234 *214 234 *2,4 234
Hancock Consolidated__ 25 112 Aug 18
234 *218 234
"2
11
/
4 Sept
312 Mar 16
312 Jan
112 *1
112 *1
112 *1
Helvetia
112 *1
114 *1
*1
112
25
1 June
27 Nov
.99July 13
214 Apr 17
10412
106
10512
106
106
105
10314
104
1,069
102
104
10512
Island
Creek Coal
10512
1 5112 Jan 10 I1658June 21
4g laan MI
9612 '29512 9812 9613, 9612
•29512 96,2 9512 9512 9612 9612 98
226
Do pref
7
18
t 311
2 py
c,3
11410a
, 14 2(
eepti)
21
5 Ni2sF
1 Ere
2278 "2112 23
22
22
*211,0 23
2112 2112,
130 Isle Royale Copper
2312 22
*22
/
4 Dec
14 Jan 241
4
*358
4
*35
4
*338
4
8
*35
8
*358 4
.355 4
Kerr Lake
23
17
8
Apr
Mar
7
5
8
3
4
6
Feb
4
Sept
214 214 *2
212
1
4
__
214 2/
__
890 Kewoonaw Copper
I% 218
4
"214 2,
25
.98 Sept
578May 5
1 Feb 24
2 Dec
358 358 *358 4
--312 --358
*358 4
*312 4
153 Lake Copper Co
312 334
2
4May 31
Jan
25
312
21
53
/
IS
4
Feb
Dec
13
*13
4
8
*138 134 *138 134 *133 134
LA Salle Copper
*138 114 "138 134
114 Jan
25
214 Feb
112 Feb 6
214 Apr 17
112 112 *112 2
*112 2
*112 2
112 112
95 Mason Valley Mine
*155 2
234May 19
114 Jan
138 Jan 4
5
2 Sept
*212
3
27
3
*212
*212
278
238
3
25
238
Mass
Consolidated
*212 3
.55 Apr
24
358 Jan
315 314 *318 312
318 3,a
*315 314
3% 31s *313 312
255 Mayflower-Old Colony
258 Aug
2
514 Jan
(
4
"
3 Ivtlyr 23
25s 258
258 258
432 hlichlgan
212 234
*258 3% 258 238 *238 3% 59
114 Aug
.75July 10
7 Apr 13
25
312 May
60
60
5912
60
5912
59
6012
61
1171 Mohawk
6012
*5912 61
41321124 SeptJa
5
19
25 5312 Jan 7 68 June 5
834 Dec
18
18
18
18
1734 18
375 New Cornelia Copper
*1734 1812 *1734 1812 *1712 18
10s1Fuely
2
23.Tan
a
2131
1'
b
.
e
r
1
2
,
1
.40 *
AO
_
.40
Now !dila Quicksilver--_ 5
•___ _
.40
.40 Nov
2 Dec
ii _ ;5i ____
New River Company
40 Feb 57 May
100 37 Jan 6 40 Feb 9
T.2
----ii
Do prof
10(
5
) 7g Julyaa 78
Mar
4
410 Ntplssing Mines
6,4 614
6 2 -;6- - -61-4 --6- --616,4 "6
"6
8 S.,a9nt 2,31 74 JDuee
ly 98512
1058 11
1034 1114 1034 11
-10
9126-6
10
'k;34 1,215 North Butte
1114 1112 1078 11
1012509129
May
Mar
1414
15
15
8
29
Dec
212 *2
212 *2
212
178 2
170 Olibway Mining
1% 218 *2
212
*2
15
13i Aug
418 Apr 15
1185391 25
25
2'2253124 NovDe
*23
24
24 "23
24
*23
24
24
*23
10 Old Dominion Co
23 "23
23
5
Ja
un
g 23
8
718 A
3
2
5
4
"34
36
3312 3312
35
61 Osceola
3518 3534 35
35
35
36
*35
ug
3
23
g 438512
112 Au
39
39
41
*39
41
*39
41
45 Quincy
*39
40
40
*39/
1
4 41
Dec
*43
45
*43
43
43
45
43
43
18
80
5 St Mary's Mineral Land 1 3
4312 44
46
*44
28 Jan 45 Dec
1
12S
121
)
8
1
4
J
j
ta
je
a
a
a
a9
4
11
n
n
nt
;
9(1
158
21
.70 .70
.80 .80 *.70 .80
.80
.7
.
.50 .90
.75 .75
1% Dec
1
.75 Jan
v
134May 18
.25 Mar 10
10
*.50 1
.35 .35
*.50
1
20 South Lake
'3.50 1
*,50 1
*.50 1
100 Superior
414 414 *418 412 *418 412 '34% 412 *418 412
*418 412
2
4
.
2
:2
9
5
i5
0
9
Feb
114
1 ,1f, 118 *1
114
200 Superior & Boston Copper_ 5
*1
PK. 1/
1
14
1
1% 1 sX4
1 June
214 Feb
*
7
114 158
138 14
900 Trinity Copper Corp
112 112 "138 112
0
*138 112 *138 112
3'S AprA
114June 5
13
4 July
412 Nov
356 Touiumno Copper
.60 **
.2
50
14 .2
630
4
.45 .55 ".50 .60 ".50
.57 .57 *.55 .65
.85 Dec
.34 Aug
212 258
330 Utah-Apex Mining
2% 2%
*234 3
234 234 "234 3
"234 3
4
aM r 22
t2
9
1g
134 Aug
.1
.2415
g
28
313 Oct
212 212
395 Utah Consolidated
212 212 *212 234
"212 234 *212 234
112 Nov
5
312June 5
1 Feb 21
5 Jan
4 2,343 Utah Metal & Tunnel
118 13
114
VA 14.
114
118 134
118 114
*114 112
212 Apr 13
.95 Jan 2 Xs Jan
1 Feb 15
1
10 Victoria
134 *1 14 134 *114 134
118 118 *114 134 *114
*114 112
.40 May
212 Jan 30
1 Sept 16
214 Feb
21
*138
134
110 Winona
113 118
138 138 *138 134 *138 134
*138 134
.35 Jan
.25 Jan 16
234 Apr 15
25
.80 Mar
1014 *10
10 Wolverine
11
*1012 1112 *1012 1112 "1012 1112 1012 1012 *10
812 July 14 Feb
25 10 Feb 10 16 May 31
•Bld and sated paean no woo on cols nay. • FA-rights. 0 Ex-dividend and rights. I Ex-dividend. 'Ex-stock dividend •Ex-dividends.
6aaanr ii .riif:r1,-,:ry ili Ptept
•
[Vou 115.
THE CHRONICLE
1522
Outside Stock Exchanges
- Stocks
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Sept. 23 to Sept. 29, both inclusive:
Sales
Friday
Last Week's Range for
Week.
df Prices.
Sale.
Price. Low. High. Shares.
Bonds-
Range since Jan. 1.
Low.
55 $30,000 47
52
Atl G & WI SS Lines 55'59 53
13,000 89%
95
95
Chic Jet & U S Yds 58 1940 95
6,000 7434
84
84
1940
Refunding 4s
2,000 90
90
90
Cotn'w'Ith Power 65_ _1947
73
753% 3,850 69
East Mass ref B 5&__1948
1936 10031 10034 10131 14,000 95%
Hood Rubber 73
107% 107% 3,000 101
Internat Cement 83__.1926
1,000 75
76
76
K c Clint & spgr 5&..1925
1,000 90
95
95
K C M Ry & Br 1st 5s 1929
1929 95% 95% 95% 2,000 86
Mass Gas 4345
94% 95% 7,000 88
Miss River Power let 5s'51
7,000 93
98
98
New England Tel 5s.._1932 98
99% 99% 3,000 9734
1952
Series A 5s
1,000 84
85
85
New River cony 55_1934
9,000 10435
10734 108
Punta Alegre Sugar 7s 1937
9535 99% 16,000 91
1944
Swift & Co 1st 55
42,500 97%
Warren Bros 731s_ _ _ _1937 11434 113 118
115 118% 18,000 112%
431s
97% 11,000 90
97
Western Tel & Tel 53_1932
Mar
Jan
Feb
May
Aug
Jan
June
May
Jan
Jan
Jan
Jan
June
May
July
Jan
Feb
Sept
Jan
High.
65 May
Aug
97
Sept
84
May
90
7831 Aug
101% Sept
May
114
7735 June
Aug
95
9634 Sept
Sept
96
99% Aug
Sept
100
July
87
1113% Aug
10031 Sept
Sept
118
118% Sept
97% 4Sept
Pittsburgh and Philadelphia Stock Exchanges.-This
week's record will be found on page 1503.
Baltimore Stock Exchange.-Record of transactions
Sept. 23 to Sept.29,both inclusive,corn piled from officiallists:
Stocks-
Sales
Friday
Last Week's Range for
Wade.
of Prices.
Sale.
Par. Price. Low. High. Shares.
75
81
3731
26
32
67
116
10611
117
175
10811
1013%
112
3534
__
.50
93
11434
32
71
81
100
110
9131
583%
9034
9034
7631
6834
8034
983%
8034
Sept
Sept
Sept
Aug
Sept
Sept
Sept
Sept
Sept
Sept
June
Sept
Sept
Sept
Sept
June
Sept
Aug
Sept
Sept
Sept
Aug
Sept
Sept
Aug
Sept
May
Sept
Sept
Sept
Sept
Sept
May
May
Chicago Stock Exchange.-Record Sept. 23 to Sept. 29:
High.
Aug
Aug
Sept
Feb
May
May
Aug
Aug
June
Feb
Feb
may
Mar
Feb
May
June
Stocks-
Industrial & Mace'''.
1 60c
Acme Coal Mining
__ _10 37e
Acme Packing
•
Allied Packers, Inc
*
New stock
Aluminum Mfrs, common*
100 103
Preferred
Amalgam Leather, corn....* 14
100
Preferred
Amer Light & Trac,com100
*
American Stores
Amer Writing Pap com..100
13-4
Atlantic Fruit when iss___*
Bang & Aroos RR,Df_ _100 95
7234
Beth Steel new corn w I.__
96
New preferred w 1
Blyn & Sons, Inc
Borden Co, common_ _ _100
Brit-Amer Tob ord bear _.£1 1835
Ordinary
.£1
Brooklyn City RR
934
10
134
•
Buddy-Buds,Inc
24
Car Lighting & Power__25
73%
New preferred w 1
Carlisle Tire, pref
25
100
Ce lulold Co pref
Cent States Eleo corn...100
Cent Teresa Sug, corn.... 100
11,1
Preferred
10
Ches dr Ohio Ry CI A pf.100
Chic Nipple Mfg, Ci A_ _10
10
Class 13
Cities Service, coin_ _100 196
100 70
Preferred
10
Preferred 13
Cities Sem Bankers' sh_ _• 203-4
Cleveland Automobile_ ....
Colombian Emerald Synd. 800
Columbian Syndicate
Com'l Solvents Corp Ci A..
..
Class B
* 1331
Conley Tin Foil
934
Continental Motors.__-10
Cosgrave Breweries
5%
Cu ban-Douilnican Sug w I •
Daniels Motor. corn_ .• 11
Denver de Rio Or pref_ ..100 56e
Oubiler Condenser&ai*
Durant Motors, toe....* 4331
Durant Motors of Ind_ _10 1231
734
5
Federal Tel & Tel
Firestone T dr R, pref.._WO
._ _
Garland SS, pref, w I
Gillette Safety Razor__ _. _ _ _ .
Gimbel Bros, eon), w 1_..• 44
100
Preferred
3
• 544
Glen Alden Coal
Goodyear T k R.com_ _100 1031
100
Prior preferred
10
Grant Motor Car
Great West Sugar,com_100
100 10674
Preferred......
Hall Switch & Sig, pref_100
eiayes Wheel when Issued _• 3334
•
13-4
Heyden Chemical
100 14
Hudson Cos, pref
fiud & Man h RR.com _100
Imp Tob of G B & Ire....J1
25
Inland Steel
International Carbon.._ _ ..• 1054
Kupp'h'mer(B)& Co com 5
100 100
Prpferrpri
58c 8.50
38c 38e
3
3
5
5
2054 203%
103 103
1031 1434
41
37
138 134
151 151
434
4
1% 214
95
953%
7231 743-1
9831
96
3234 33
115 115
1831 1834
183% 1854
934 1054
13%
1315-4
331
3
834
7%
6
6
10574 10574
11
10
154
135
25,1
21-4
1053% 106
33%
434
335 454
196 198
6931 7054
631 635
2054 2035
2734 28
77c 85e
236
2
4736 4931
3 4534
44%
1334 1334
94 1034
634 654
5% 6%
1131
11
55c 600
6,1 635
4331 46
123-4 1331
714 734
8234 8234
2035 2034
229 233
44
453%
102 102
5431 58
103% 1034
6235 6235
42c 42c
259 260
1067-1 107
734 8
3314 313%
135
134
1434
14
1134 1154
1434 145-4
433,4 48 A
934 1154
3531
35
100 10034
.
.
Low.
68 83
July 88%
505 60 June 90
1,472 91
Jan 110
670 12
Feb 12%
50 83 May 102%
30
Apr
5
7%
5
50
Jan 10
25 34 May 50
25
3
Jan
9
97
% Jan
2%
4% June
95
634
1% Jan 12
635
1% Jan
100
6
1,273 11434 Feb 13231
5
Feb
195
9
170 59% Feb 7531
aates
rrtaay
Last Week's Range for '
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Week ending Sept. 29.
. riri
.
Stocks85% 87
Amer Pub Say,pref
7434
72
Amer Shipbuilding_ _ _ _100 74
eeX 10031
Armour & Co, pref......100 100
12%
12%
12%
15
Armour Leather
87
87
100 87
Preferred
5%
5
Beaver Board
8
8
:
Booth Fisheries, new
46
46
100 46
Preferred
634 6%
*
Case (J I)
1
'X
Chic C&Con Ry pt eh corn*
6
• 6
*
Preferred
8
751
Chicago Elev Ry, pref-100
231 2%
Chicago Rye Part Ctf Ser 2
130% 131
Commonwealth Edison.100 131
5%
5%
Consumers Co, corn....-100
67
67
100
Preferred
Range since Jan. 1.
New York Curb Market.-Official transactions in the
Now York Curb Market from Sept.23 to Sept. 29, inclusive:
.: ..
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Shares.
Par. Price. Low. High.
Sept
Apr
Apr
Apr
Sept
4.
* No par value.
9934 July 101
Jan 84
67
4634 Aug 53X
Jan 32
17
9334 Jan 99%
Cl g; v. n ri.
99
99
71
96
8234
1003%
923%
1103%
107
10931
9234
1003%
1103%
92
96
843-4
96
84
60
86
98
85
9931
913%
9031
953%
99
99
9035
77
1033%
5934
81
10034
84
2,000
101 101
81
823% 8,000
49% 51% 12,000
2534 263% 9,000
9934 9936 9934 3.000
81
4954
m
98
Mar
1,000 91
Sept
6,000 71
Aug
2,000 92
1,000 703% Feb
Jan
2,000 93
41,000 8531 Jan
Jan
18,300 106
July
15,000 100
7,000 1013% June
8,000 86
Feb
1,000 9634 Jan
32,500 my, Mar
Jan
13,000 87
Jan
1,000 94
1,000 7031 Feb
1,000 8351 Mar
1,000 803% May
5,000 3831 Feb
3,000 80
Jan
9,000 86
Jan
Feb
66,000 75
Jan
30,000 95
1,000 9131 Sept
18,000 71
Apr
1,000 87
Jan
1,000 9734 July
1,000 92
Jan
8,000 8034 Jan
13,000 66'% Jan
14,000 9834 Apr
39,000 46
Jan
3,500 66
Mar
18,500 98
Jan
11.000 7836 Mar
Bondsleaver Prod 1st ref 7% _'42
Dhicago City Ry 53_ .. _ 1927
;tic City dr Con Rys 58'27
.3hicago Rys adj Inc 48 1927
3om monw Edison 5s_ _1943
*No par value.
Sept
July
Feb
May
Jan
May
May
Feb
June
Sept
Sept
May
Aug
July
Sept
May
Sept
Apr
June
July
Sept
Aug
Sept
Apr
May
Mar
June
Sept
Sept
July
June
July
Sept
Sept
Sept
Aug
Sept
Feb
May
Sept
May
Aug
Sept
Apr
Apr
May
May
Aug
Feb
Feb
Aug
Sept
1093% 110
62
62
62
11634 105 11636
131
131 2
1534
15
26
26
2634
8434 86
534
5
2175 2134 23
74
74
75
48
47
4934
134 134
73% 8
734
535
5
531
4731 47
48
8331 85
85
9631
9635 96
4
4
4
734 8
734
751 731
3934 3934
95
95
263j 2634 27
42
43
4431
100 101
92
93
200 200
983% 983%
123% 1234 1334
203% 2035 2034
49
48
4831
5034 493-4 52
10731 10634 1083%
2235 24
23
50
4934 49
61
6034 6231
631 631
63-4
6931
67
68
77% 77X 7834
79% 8034
5731 5736
105 105
25
25
5854 5734 59
2194 2134 23
9%
8
8%
34
%
1063% 10534 10734
193 205
200
7351 7234 7431
29
28
4.
8431
91
High.
July
80
8534 July
Sept
69
44 June
30 June
9734 Aug
26
Aug
Sept
33
4234 Sept
July
69
Apr
28
Sept
34
Aug
120
1083% Sept
1223% Sept
Sept
90
Sept
175
Aug
110
535 Sept
Scot
102
Sept
65
Seat
113
15
Sept
353% Sept
Sept
25
92
July
.25 Sept
Sept
.50
Sept
61
263% June
Sept
92
2163% Sept
5334 Apr
3234 Sept
Sept
79
Sept
118
134 May
Sept
102
Sept
22
14234 Sept
Sept
31
Apr
19
3434 Apr
High.
Feb 1034
May 110
Jan 68
Jan 118
6
Sept
Feb 18
July 2831
Jan 106
731
Jan
Jan 2336
Feb 76
Sept 5834
734
Aug
831
Sept
631
Mar
Jan 5334
Jan 85
Jan 99
734
Feb
Aug 113%
Jan
73%
Sept 42
Jan 9654
Jan 283.1
Mar 5454
Jan 101
Jan 9834
Jan 200
Mar 9934
Sept 2831
Jan 2034
Jan 4931
Jan 52
Jan 110
Apr 25
Jan 5534
Jan 6334
935
Jan
Jan 6934
Sept 783%
Mar 8134
Aug 5834
Sept 105
Sept 40
Sept 7134
Jan 2534
Jan ' 1031
7
Sept
May 1103%
May 246
Jan 803%
Sept 29
00
.
9234
11034
99
99
71
71
96
96
81
81
10034 100%
923% 9234
110 11034
10534 10531
109 10931
92
923%
100 100
110 11034
913% 9135
96
96
843-6 8434
91
91
84
84
583% 5931
86
86
98
96
85
84
9931
99
9134 9134
8834 9031
95
95
99
99
9851 983%
9034 9035
7e36 77
1023% 10334
583% 5931
81
80
9834 98'%
8014 8034
Low.
Apr
30
50 May
Mar
36
Jan
27
May
19
Sept
50
Jan
24
May
10
Feb
37
Mar
49
253% Jan
Sept
34
Jan
91
July
102
Jan
105
Jan
80
Sept
175
105 June
334 Sept
1013% Sept
Sept
60
Sept
110
Sept
12
Sept
35
Sept
20
Feb
78
.15 Sent
Sept
.50
Jan
41
Jan
24
903% Sept
21635 Sept
Jan
44
Sept
31
72 June
9234 Jan
134 Jan
Sept
102
Jan
9
142
Sept
Sept
30
133% Aug
Jan
29
Low.
5
170 85
145 55
30 105
2,375
134
330 10
708 25
433 8135
43%
250
5,906 lox
215 56
290 47
150
151
73%
1,145
285
334
1,386 27
334 53
300 82
331
475
736
325
231
50
250 39
10 6234
725 19
10,285 233%
246 8034
85 8834
25 143
15 9331
1,120 1234
281 13
1,295 42
27,881 24
1,851 9136
8,935 17
1,205 40
12,854 43
6
345
500 29
235 7636
175 70
10 5334
35 105
90 25
3,310 5734
3,369 , 1231
5
2,685
22 ' 35
2,565 97
4,464 132
5,870 50
575 28
.
2034
141
117
83
92
676
115
80
36
103
105
59
109
22
145
85
131
160
17
87
315
10
10
55
30
25
100
75
218
500
70
10
182
4
21
60
85
125
200
52
2,530
124
300
30
20
Range since Jan. 1.
93-4 1034 28,531
10
m
32
75
60
81
75
69
60
373% 39%
20
20
50
50
26
26
33
32
4235
42
65% 67
273% 273%
34
34
116 117
10534 1073%
117 119
8931 90
175 175
1083% 110
53%
5
1013% 1013%
60
60
112 113
15
15
3534 3534
15
25
92
92
.15 .25
.50 .50
61
61
263% 2631
9134 93
216% 21634
5034 52
3234
32
79
79
11334 11431
136 131
102 102
2034 213%
141 14234
31
30
143% 15
32
32
Continental Motors.. _ _ _10
Crane Co, preferred
Cudahy Pack Co, com_100
100
Diamond Match
Earl Motors Co
*
*
Godchaux Sugar, corn
Gossard, H W,pref_ _ _ _100
Great Lakes D & D_ _100
Holland-Amer Sugar_ _10
10
Hupp Motor
Illinois Brick
100
100
Inland Steel
Libby, McNeill & Libby_10
New
10
Lindsay Light
Middle West Util, com_100
100
Preferred
Prior lien preferred
*
Mitchell Motor Co
.._ _
National Leather, new......
Old
*
PhIlliPsborne
People's Gas Lt dr Coke 100
*
Pick (Albert) & Co
Plgg Wigg Stores Inc "A"•
Pub Serv of Nor Ill corn 100
100
Preferred
100
Quaker Oats Co
100
Preferred
10
Reo Motor
Standard Gas &Elea_ _ _ _ 50
50
Preferred
Stewart War Speed corn 100
100
Swift dr Co
15
Swift International
Thompson, J R, com_ _ _25
Union Carbide & Carbon 10
United Iron Works v t c..50
United Light & RY
First preferred
Participating preferred
US Gypsum
Preferred
•
Vesta Battery Corp
*
Wahl Co
Ward,MontgarCo,pf,w120
Western Knitting Mills_*
160
Western Stone
Wrigley Jr, common____25
Yellow Cab Mfg "B"__ _10
Yellow Taxi
Wolff Mfg Corp
•
000 08
0§000004000000QQ00Q0Q00.0000000000000Q0000000000C000Q00QQ00§000000
0
0 000000..,
4 0000000M000000-r0000000=000000000000M00000 N00000000
..000000... N'I..MNN0400.
-.0,
,
.
,
-1. .0..
N0.0,..11NWTrt..NN0=,-,M0.000.14 0,
0 ,
M0NODC1N.00V1001
-.N..WW
...i
.
.-i0
...4
Cl0 0.i.
100
Alabama Co
100
First preferred
Second preferred_ _ _ _100
.krundel Sand & Gravel_100
Baltimore Tube, coin_ .100
100
Preferred
25
Benesch, preferred
*
Common
50
Baltimore Electric
25
Commercial Credit
25
Preferred B
25
Colonial Trust
Consol Gas,E L & Pow.100
100
7% preferred
100
8% preferred
100
Consolidation CoaL
100
Continental Trust
C & P Teleg of Balt, pf_100
Cosden & Co, preferred _5
New stoek
East Roll Mill, pf, 8%..109
50
Fidelity & Deposit
Finance Service, Class A.10
Finance Co of America_ _25
Finance & Guaranty_ _ _ _ 25
Houston pref trust ctf_ _100
Kentucky Cos Oil, com _5
Kentucky Cos Oil, pref__ 5
Manufacture Finance.. 100
100
Preferred
25
Maryland Casualty
50
Mercantile Trust
Mt V-Woodb Mill vtr pf100
New Amster Casualty Co10
50
Northern Central
100
Pennsyl Wat & Pr
Pittsburgh Oil, mei_ _ _ _10
50
Union Trust
50
Union Ry & El
U S Fidelity & Guaranty 50
Va Ry & Pr,corn
Wash B & Annap,com_ _50
Wash B & Annap, pref_ _ 50
BondsBait Traction 1st 5E1_1929
Carolina Central 4s.._..1949
C & P Tel of Va 5s____1943
Chicago Ry 1st 58_ _ _ _1927
Consolidated Gas_ _ _ _1939
Consol G & E P 431s_ _1935
1945
734s, series B
1949
6s, series A
1931
713, series C
Consol Coal ref 55_ _ _ _1950
1923
Common (is
Coeden & Co ser A 60_1932
Fairm & Clarks Tree 58'33
Fairmont Coal 55_ _..1931
Georgia dr Ala cons 55_1945
Ga Car & Nor let 53_ _1929
Lexington (Ky) St 53_1949
Macon Dub dr Say 53_1947
Macon Ry & Lt 58-1953
Md El Ry 1st 53_____ 1931
Moor Trac 5s_ _______ 1942
1923
7s
Norf & Atl Terml 5s_ _ 1929
Norf & Ports Trac 58.1936
Norfolk St Ry 58
1944
North Bait Trac 5s.... _1942
Pennsyl W & P 58_ ___ 1940
.1953
4315_
bar Pt (Bait)
United Ry & Elec 4s_. _ 1949
1949
6t3 w 1
1949
Income 4348
1936
Funding 5s
1927
6s
1941
WB&A 55
Range since Jan. 1.
(Concluded)-
sales
?may
Last Week's Range for
of Prices.
Week.
Sale.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
Aug
Mar
Jan
Sept
Jun
Mar
Apr
Mar
Feb
Sept
Feb
14 Sept
95
Sept
7254 Sept
9454 Aug
27
Apr
94
Feb
1234 Feb
1234 June
435 Jan
Jan
450
50c July
Sept
6
Aug
5
July
95
631 July
135 Aug
254 Sept
105 Sept
13% Apr
151 May
Jan
158
Jan
51
431 Jan
Jan
17
Jan
20
Apr
50e
1416 June
4434 June
3854 June
Feb
10
531 Feb
Sept
6
514 Sept
1034 Sept
Jan
380
43.4 Sept
2235 Jan
854 Jan
534 Mar
Aug
81
2031 Sept
Jan
169
4034 Sept
102
Aug
Jan
42
734 Aug
62
Sept
42c Sept
259
Sept
z105
Sept
7
July
2754 Aug
80c Feb
731 Feb
334 Feb
10
Jan
4834 Sept
934 Sept
35
Sept
100 Sent
500
200
5
5
15
85
734
33
11354
151
3
High.
134 Apr
734 Mar
Apr
15
12 June
25 June
Sept
103
1451 Apr
43 May
165 June
Sept
151
554 May
3 June
9536 Sent
82
Aug
10031 Aug
33
Sept
11754 Sept
2031 Aug
20
Aug
1034 Sept
4, Apr
2,
354 Sept
831 Sept
103-4 July
May
111
May
16
33% Feb
Feb
4
10731 Sept
634 July
531 July
242 May
72 June
635 Sent
2431 Apr
35 June
176 May
33% July
5054 Sept
4534 Sept
153% Sept
1031 Sept
831 Aug
1231 May
143 June
758 Apr
935 May
50
Sept
1854 Apr
734 Aug
89
July
2034 Sept
236
Sep
4631 Aug
10214 Aug
8335 Sept
i5 q May
7336 June
154 June
260
Sept
Sept
107
10
Apt
3454 Sept
134 Sept
21
May
1534 M83
1534 Au)
58 Ma)
1334 Jul)
3734 Sept
Mani
101
4
SEPT. 30 1922.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Lehigh Power Securities_ _. 18%
18
19
1,400 1511 Aug 203% Sept
Lehigh Valley Coal Sales.50
7914
79
38 66
June
Feb 82
Libby, MeN & Lib, new _10
8
8
200
744 Aug 10 May
Lincoln Motor. Class A _50
1% 2
1,100 75c Feb
S%
22
Lupton (F M)Pub, Cl A.
21% 22% 6,000 21% Sept 2234 Sept
Macy(RID& Co,Ine.com _. 603% 59% 63% 5,200 53
Sep t 6334 Sept
109 10941
Preferred
100 109
1,800 10541 Aug 11015 Sent
•
3
2% 3
Mercer Motors
3,300
13-13 Apr
53% May
2%
2% 2% 3,200
Voting trust eerttfs
2
Feb
435 May
*
Messabi Iron Co.
10
10%
1,400
1335 Aug
934 Sept
2% 24
23%
Milliken Tractor Co
803
Sept
2
234 Sept
Morris(PhiIttilro. Ltd ..10 18
18
19
2,100
54. .1,0i 233% July
Motor Wheel Corp,com_10
123% 123%
100 1234 Sept 1434 June
%
3
73%
Nat Leather new
10
7
7%
73% July
300
113% Jan
33% 335
Nat Mot Car & Vehicle_ *
200
2 June
335 Sept
1% 2% 1,109
Nex Mex & Arizona Land .1
i/
1
2 Fob
3), May
3
NY Air Brake new el A _ _• - -- -- - 53)4 55%
400 52
Sept 60
Sept
108 109
N Y Tel 6%% pf w 1_100 108
1,675 UM
July 11034 Sept
Packard Motor Car,eom.10 143%
1411 14% 2,800
.534 Feb
163% June
Preferred
100 89
89
533 6335 Mar 913-f .9:nd
913%
Peerless Trk & Mot Corn50
59
59
100 333% Feb 60% Aug
Phillipsborn9i, Inc., corn •
33% 403%
800 38% Sept 42
Aug
Preferred
100
1003% 10035
200 100
Aug 1003-4 Aug
Prima Redid Corp
afe
1%
13% 31,000
lg. Aug
19-4 Sent
Pyrene Manufact uring _ _10
935
934 10
300
8% July
143% May
Radio Corp of America__ .*
411
4% 43% 25,100
235 Jan
63% Apr
Preferred
5
315
334 3'4 7,800
2
Jan
3% May
Reo Motor Car
. .10
12% 1331
1,900 a1245 Sept 29
July
Safety Car Htg & Ltg_ _100
78
78
10 69 June 78
Sept
St Lawrence Fetdspar_ __1() 10
10
11
3,000
8
Aug
II
Sept
Sehulte Retail
52
52
5915 15,600 33
Apr 65
Sept
Southern CoalStores*
Az Iron_ _ _ _5 45c
420 490 34,000 300 July
23% Jan
Standard Motor Con.3tr._ 10
3% 3%
700
314 Sept
Apr
6
• 183% 1834 22
Stutz Motor Car
13,200 11
July 45 June
Swift. AT Co
100 103
108 103
.iaii 111 Sept
30 95
Swift International
15 23
23
2434 2,000 1734 Apr 243-4 Sept
Technical Prod Corp
5%
5% 534
5
700
Any
645 art
25% 253% 2634 2,200 2534 Sept 2634 Sept
Technicolor,Inc, w 1
Tenn Elee Pow corn, wi.• 15
1,200 10 June 15
143% 15
Sept
Second pref w I
*
37
3734
200 35
Sept 403-4 June
Tenn Ry,L & P,corn_ _100
2
2%
309
Feb
1
3% June
Timken-Detroit Axle
28
28
100 2634 Aug 2934 Aug
Timken Roller Bearing w 1_
273% 293% 10,200 273% Sept 303% Aug
Tob Prod Exports Corp_ _*
73%
6% 735 5,000
3
.fan
101-4 Ma)
Todd Shipyards corp. .
611
/
2 63
175 00
Sept 8035 Feb
Torbenson Axle, corn_ _ _ _* 2435 24
25
500 23
Aug 30
Aug
Triangle Film Corp v t c 5
30c 390
3,400 16c
Jan 50c May
Union Carbide & Carbon_*
613% 613%
100 44
Jan 623% Sept
United Profit Shaeg, new .1
6% 634 1,600
6%
5
Mar
9
Ma)
6%
Un Retail Stores Candy..*
6% 734 10,500
41-4 Jan
8
May
25
28
U S Distrib Corp, corn 50
300 123% Feb 293% Sept
Light
& Heat, corn_ _10
US
1%
13i 135 47,300 75c
Jan
2% Apr
Preferred.
I%
10
13-4 9,900 96c Feb
134 Apr
Utah Idaho Sugar
3% 311
33-f
10
100
211 Aug
344 Sent
47
Van Raalte Co,Inc
47%
500 40
Jan 61
Mar
Wayne Coal
2%
2% 3
51
5,300 85c Mar
3% Sept
West End Chemical
65c 680
600 50c ,Tuly 87c
has
.11
Willys Corp, let pref_ _ _100 14%
200
1434 15
Mar 31
6
July
First pref certlf of deposit 15
15
15
100 13
Apr 30
July
Rights114
Chesapeake & Ohio Ry_
25,350
90c Sept
114 Sept
Garland Steamship
Sc
5c
4,000
Sc Sept
50 Sept
Former Standard Oil
Subsidiaries
Anglo-American 011_ _ _ _ £1 20
19% 2035 6,700 16% Jan 25 June
Buckeye Pipe Line
50 93
10 84% Jan 100
Apr
146 147
Continental 011
100
200 125
May
Jan 149
37
Crescent Pipe Line
37
50
100 28
Sept
Jan 37
53
53
Galena Signal 011 corn_ _100 53
60 40
Jan 62 Ma/
Indiana Pipe Line
96
98
50
30 84
Mar
Jan 108
25 307
390 315
Ohio 011
320 257
Jan 332 May
z650 655
Prairie 011 & Gas
100
20 520
Jan 653 S pt
Prairie Pipe Line
268
271
100
150 224
Sept
Jan 273
205 208
South Penn 011
100
20 173
Feb 249 June
Southern Pipe Line_ _ _ _100
98
9
45 77
May
Jan 104
Standard Oil (Indiana)_ 25 118
116% 120% 126,800 14331 Jan 12431 Itis
Standard Oil (Kansas).100 590
585 600
100 560 June 600
Sept
Stand 011(Ky) nrw _ _ 100 107% 1063-4 1043% 4,400 76
Apr 110% Sept
195 196
Standard Oil (Neb)---100
40 170
Jan 210 May
496 556
Standard Oil of N Y. _100 532
9,020 341
Sept
Jan 553
Standard 011 (Ohio)_ _ _100
490 495
35 390
Sept
Jan 498
Vacuum 011-501 533
100 527
1,720 299
Jan 533
Sept
Other Oil Stocks
Aetna Consol 011 _
234
2%
_
80
Alcan Oil Corp...
5
145 3,400
75e
Allied Oil
30 18,000
2c
American Fuel 011 pref_ _10
500
1% 1%
Arkansas Nat Gas. corn .10
9% 9%
500
Atlantic Gulf 011
200
7% 8
Atlatitle Lobos di. corn...*
9
9% 1,400
Barnett Oil & Gas
le
le
1,000
Big Indian Oil & Gas
16c 17c
5,500
Boone Oil... _ _
. _5 12e
10e 13c 13,000
Boston-Mexican Petroleum
25c 25c
600
isoston-Wytioilng Oil-- -1 900
88e 98e 37,000
Brazos 011 Corp
1
1
200
13rit-Amer Oil. Ltd
35
25 .
33
200
Carib Syndleve
3,700
Century 01101 Md
loo
113
.
4 13 g
Consolidated Royalticu_ _ _ _ -----700
Continental Refining
2.
2%
700
_ 5
3
3
Creole Syndicate
3% 3,900
30
40
Cushing Petroleum Corp_5
6,000
750
Darby Petroleum
1,800
20c 26o 32,000
Engineers Petrol Co__ _ .1 26c
14% 14% 14% 2,200
Equity Petrol Corp, pref.
1
1
5
1% 25,500
Federal 011
15
15
15%
Fensiand 011
200
4%
45.1
_ ..*
2,000
Gilliland Oil, cora__
1%
0.,fa 7,900
Glenrock Oil
Granada011 Corp class A100
500
760 760
20
Gulf Oil Co
60,100
Gulf Oil Corp of Pa when Is 62% 61% 66
13c 15o 38,000
1 lse
Hudson oil ...
230 267
40
Humble 011
110 11515 4,570
Imperial Oil (Canada) Colin 111
21% 17,300
International Petroleum. _• 20% 20
440 47c 18,000
Keystone Ranger Devel_ _1 44e
411 545
800
Kirby Petroleum
•
3c
4,000
3c
Lance Creek Royalties, 1
2,000
0 18c 200
Livingston 011 Corp
-1
1%
13,1
5,800
Livingston Petroleum_ _-*
134
8,400
Lyons Petroleum .
z72c x720 750
800
1% 1%
Magna Oil & Refining....1
3,500
212 240
Magnolia Petroleum ...100 230
17% 1931 5,600
Maracaibo Oil Explor_ _ * 18
600
Marland Oil
5
0
5
100
411 434
Marland Refining '
5
1,100
Merritt. 011 Corp
8% 9
8%
10
Mexican Panuco Oil_ _ _ _10
100
740 740
Mexico Oil Corp..,...10
10,700
1,(6
14
Mid-Colombian 011 dr Dev_
100
335 315
Mountain Producers__..1O 15
1414 1534 10,300
Mutual Oil
11% 10% 12 115,700
New England Fuel Oil.... 79
6,300
75% 81
New York 011
1,400
21% 20% 23%
Noble Oil & Gas
1 200
190 20e 22,000
Preferred
1,000
55c 550
1
Noco Petroleum, corn.. _10
100
2% 2%
North American 011
235
1% 2% 4.500
5
9
1
June
750 Sept
20 .lan
1
June
8%
735 Sept
794 July
lc Aug
lfic Sept
kc May
25c Sept
570 Nur
1
June
29
Ian
3-4 cal
13
Sept
1% Feb
1
Aug
14 Jan
3c
Jan
75e Sept
1St Sept
12% June
1
Jan
Mar
9
335 June
83e
Feb
Sept
1
455
July
5354 Sept
To
Jan
21235 Feb
97% Mar
14
Mar
32c
Aug
4
Aug
3c June
Sc Aug
1
July
5843
Jan
50c Apr
175 June
15% Aug
1
Jan
2
Jan
July
14
51e July
l',(6 Sept
2
Feb
955 Jan
5% Jan
40 May
1141 Mar
13o
Jan
360 Mar
1% Apr
134 Apr
Aug
3
15% July
Feb
Sc
Jan
3
Aso
13
17 June
1231 Mat
4c Aug
Apr
350
29c
Jan
25c Sept
99e .ime
2% Feb
38
Sept
945 s '
13
Sept
1% May
4 Mar
3% Sept
12e Mar
1% July
720
Jan
14% Sept
23{. May
1935 June
9% Apr
1% June
3% Apr
Sept
810
68% Sept
50c Mar
267
Sept
12754 Mar
27% May
1l-. Jan
26% Felt
100 Jan
270 Mar
135 Mar
13-4 June
2
Aug
240
Sept
27% Mar
10 June
434 June
144 Ma)
23% Mar
4% Mar
4% June
11% May
12 June
81
Sept
38 June
35e Mar
90c Mar
Mar
6
334 June
1523
Friday
Sates
Last Week's Range for
Other Oil
Sale,
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Omar 011 & Gas
16
Pennock 011
10
Red Bank 011
Ryan Consolidated
Salt Creek Congo' Oil
Salt Creek Producers__ __ _
Sapulpa Refining.
Flu.board 011 Ar Gas
5
Shell Union Oil, corn. w I..
Simms Petroleum
South Petrol & Refining _
Southern States Oil
-Ineneer Petrol Corp_ _ __ 10
Tex-Ken Corp
5
Texon 011 & Land
1
Turman 011
1
Victoria Oil
5
Wilcox 011 At Gas
5
"Y" 011 & Gas
1
Mining Stocks
Alaska Brit-Col Metals_ _10
Amer Corn M & M
American Exploration _1
Belcher Divide
10c
Belcher Extension
10e
Big Ledge Copper Co...-5
Bingham Mines
Boston & Montana Corp.25
Boston At Montana Dev_ _5
''.rceigher Divide
Butte & New York
1
Cale:Ionia
1
Canada Copper Co
5
Canario Copper
10
Candelaria Silver
1
Ilny Consolidated_ _1
Consol Copper Mines new.
Consol Nevada-Utah Cop.
CopperCanyon
1
'ork Province Mines....I
Cortez Silver
1
Creason Con Gold M & M.1
Daly-West Min
otts1t-toilv
_ _10
Dean Consolidated Corp..1
iilvide Extension
1
nolores Emneranza
Dryden Gold Corp
East Butte Mining
Et Salvador Sliver Mines_l
Ely Consolidated
Emma. Sliver
1
Eureka Croesus
1
First Nat Copper
5
Fortuna Cons Mining
Gadsden Copper
Goldfield Bluebell
Goldfield Cons Mines_..10
Goldfield Deer.
Goldfield Development.
ooldtii.k1 Florence
1
Goldfield Kewanua
5
19
,f,
7%
210
11%
1614
3%
1%
12%
10%
17c
z19
51c
xl,f.
6
120
Sc
9e
78e
90
50
Sc
2c
460
90
414
1.5c
13-f
2
'%
520
14e
9%
8c
2c
31c
50c
120
70
120
uottnom oro m ming
Gold Zone Divide_
I
Green Monster Mining__ 50
itzd Snell Mining
1
Hermit! Divide
10c
Heel), Mining
25e
Henrietta Silver
itilitou-Nevada Mining...
Hollinger Cons Gold Mln.5
Howe Sound Co
1
Hull Copper
rmiel.,,d.qice Lead Mining
Iron Blossom Con Min_100
Jerome erde Devel.. _ .1
rumbo F.xtension
1
Keora Gold
Kerr Lake
5
Knox Divide
10c
La Rose Consol Mines_ _5
l.one Star Consol
___ 1
MacNamara Crests Min_ _1
NiatiNatitara Mining
1
Marsh Mining
1
Mason Valley Mines_
_5
McKinley-Darragh-Sav _1
mohlean Conner
Morington Min
Nabob Cons Min
National 'flu Corp-- _ _50e
Nevada Ophlr
1
Nevada Silver Horn
New Cornelia
New Dominion Copper_ _ _ _
New .Tersey Zinc_
100
N Y Porcupine Mining....
Nlitiasing Nunes
5
Nixon Nevada
01110 'colter
10
Park Utah Mining
Ray Hercules, Inc
Red Hills Florence
Rex Consolidated Mining _I
Sandstorm Kendall
San Toy Mining
1
elrlon Mt lug
Silver Dale Mining
Silver Horn M & D
Silver King Coalition
Silver King Divide
Silver Mines of Amer
Silver Pick Consol
1
Simon Silver Lead
1
South Amer Goof At Plat_l
Southwest Metals
*
Spearhead
Stewart Mining
.1
Success Mining
1
Superstition Cons
1
Sutherland Divide
reek itughes
Temlskaming Mining
Toggery Divide
Tonopah Belmont Lev_ _1
Tonopah Divide
1
Tonopah Extension
1
Tonopah GYPSY
1
Tonopah Mining
1
Tri-Bullion S & D5
Trinity Copper
Tuolumne Copper,
1
United Eastern Islining__ ..1
United Verde Exten_
I
11 S Cont Mines, new
Unity Gold Mines
5
%-ictory Divide Mining.100
West Dome Cons
West End Consolidated...
West End Vxtension Mg
West Tonopah Mining-
70
100
735
59c
85c
1231
3%
50e
354
lie
90
12c
240
20
50
23e
20c
30
335
600
60
24c
145
5e
50
760
31c
435
13c
60
470
83c
78c
291,
x234'.
1%
110
33-4
60
19,(6
734
20e
6%
1135
15%
331
135
1294
9%
15c
18
214
62e
490
z135
3.50
5%
12e
7%
25e
644
12%
16,4
3%
134
12%
11
19c
19
2%
740
55c
135
35c
6%
14e
51.200
9,700
35,000
200
1,600
4,300
300
3,400
3,700
19.100
30,000
5,003
1,000
600
73.700
29,309
1,000
9,800
14,000
1,200
23-4 334
3,000
.5e
Sc
1% 1%
1,500
2c
2c
3,000
Sc
Sc 14.003
Sc 10c 49,000
100
16
16
75c 850 39,600
10e 10c 81,000
5c
1,000
50
1,000
25c 25c
2.000
Sc
Sc
8,000
2o
2c
7,600
2% 3
430 48c 129,000
90 10e
2,000
335 454 34,350
5c
6c
2,000
65c 61c
100
150 19e 23,000
lg. 115 18,500
2% 294 4,500
300
2% 2%
4)4 4%
300
3,900
510 54c
4.000
13c 13e
4 23% 3,000
1,5
834 93% 2,900
100
10
10
7c 11c 31,000
100 10c
1,000
lc
2c 25,000
24e 3.5c 677,000
2,100
4Sc 50c
10e 140 69,000
300
85c 850
20
20 10,000
6c
Sc 15,000
6c
7c 23,000
Sc 170 118,500
15e 15c
2,000
4c
40
7,000
2c
20
8,000
4,000
7c
Sc
7,000
8c 150
2.300
70
7c
6c
80 13,000
73-4 73%
1,800
50e 59c 13,900
85c 95c 15,800
1235 134 4,600
1,500
3
3%
22e 240
5,000
17c 57c 72.000
27c 27c
1,000
1,200
33-4 3%
60
7c
3,000
1,000
Mc 15c
341 3%
400
40
4,000
Sc
2,000
290 29c
Sc 130 221,000
80 lie 96,000
3,000
7c
So
12e
13c 18,000
1,400
19-4
134
2,000
250 27c
20c 25c 37,000
lc
3e 31,000
Sc
3,000
Sc
20e 25c 21,800
170 20c 11,000
30
4c 13,000
100
18
18
3% 33.4 5,300
120
15434 158
580 60e 16,100
6% 4,000
6
1,03)
3c
30
lie 250 65,000
53-f 544 2,700
154 22,000
19-4
5c 21,000
4c
Sc 14,000
70
3c
Sc 137,000
2,009
4c
30
1,003
760 78c
6,000
18c 20c
1,000
Cc
6c
100
2
2
1,000
3c
Sc
2,000
120 130
2,000
9c
9c
3,000
330 34c
1,000
414 41%
300
90 1114e
10e 190 565,000
8c 14,000
60
7,000
37c 40c
1,000
Sc
Sc
3,000
lc
lc
77c 920 33,500
1,000
35e 35e
3,000
lc
le
1,14, 134 2,900
76e 820 17,200
214 29(6 7,700
20 11,000
20
1,500
2% 2%
9,000
90
70
100
1% 154
2,100
55e 65c
135
134 20,500
4,300
294 30
4,000
lle 140
2,100
33
33
5,000
3c
20
170 180 10,800
lg. 134 12,000
6c 16,000
Ec
5.00t,
12e 120
Range since Jan. 1.
Low.
I
High.
67c Nov
3 June
4% Jan
7% Sept
11c July 350
Jan
4
Feb
8% June
10
Apr 15
May
1214 Jan 204 May
5 June
23-4 Feb
800 Mar
1% May
124 Sept 14
Sept
% June
123-4 Jan
6c
Aug 33
Jan
1234 Jan 20
Aug
75e Feb
7
July
620 Aug
2
Apr
400 Jan
1
May
1
July
1146 Apr
360 Sept
114 May
234 Jau
7
July
70 Aug 380
Jan
1% Jan
534 Mar
3c July
10c Apr
14 Aug
34 Apr
lc
Jan
3c July
20 Mar
90 Aug
8c July
29c
Jan
14
July
16
Sept
710 Sept5
Jan
943 Sept 94e
Jan
30 jan
6c Feb
25o Sept 75c Feb
4o Feb 20c Aug
lc Sept 650 Apr
1% July
34 July
19e
Jan 48e Sept
4e Feb
10e
Aug
354 Sept
4% Sept
20 Feb
90 May
65c Sept
1
Mar
150 Sept 22e Aug
84c
Jan
134 Sept
23% June
3
Jan
234 Sept
254 May
418 Sept
8% June
36c Aug 540 Sept
i0o
Aug 21c
Jan
82c Feb
214 May
83-1 Sept
994 Sept
10
Sept 11
July
2c Star 22e
Aug
3c Mar 12o Aug
lc Mar
50 Aug
18o
Jan 41e July
48c Sept 31
Apr
100 Jul%
260
Aug
59c Mar
1.38 Apr
10 Aug
3o Aug
3c Jan 12e Apr
ic
Jan
50 Aug
3e June 60e Sept
9c July 30c
Apr
20 Jan
7c Aug
be June
40 July
7c May
150 Apr
7c Sept 22e Mar
.50 SepO 48e Mar
60180 June
4%
8
Aug
300 Aug 70e Sept
750 June
14 July
744 Jan 144 Sept
2% Jan
331 May
220 Sept 330 Mar
tie
Jan 76e May
16e Mar 38c Aug
Feb
2% Jan
5
2e
Jan
9c Aug
Sc Mar 15c Sept
Mar
435 Apr
3
3o
Jan
70
Aug
25c
Jan 63o Mar
lo
Jan
130 Sept
lc Feb 14c Sept
Jan
140 Mar
5o
4c
Jan 310 May
134 Jan
354 May
Apr
80 June 40e
150 Mar 47c
Jan
lc Sept
160 June
Sc Apr 110 June
23e Sept 670 May
120 Aug 52c Mar
Jan
14c May
2c
173-4 Jan 20 June
2
Jan
3% Sept
141 June 156
Sept
510 Sept 60c Sept
5 g July
634 Mar
2c July 18c Mar
tie
Aug 250 Sept
54 July
54 Sept
Feb
1
234 June
10 July
8c Aug
50
Jan 120 May
lc Aug
50 Aug
30 Aug 10c Mar
760 Sam
1% Aug
2c
Jan 50c June
Sc Juna 120 June
14 May
2
Feb
le Apr
Sc Sept
10e Aug 200 Mar
3c Sept 230 Mar
33c Sept 90o Apr
4
Apr
53-4 Jan
9c June 16c Feb
lc May 19c Sept
2e
Jan 160 Apr
lc Mar 530 Aug
3c, Apr 100 June
lc Sept
2c Sept
20c
Jan
970 Sept
27c July 45c Sept
be Sept
lc Sept
1% Jan
19-4 June
46e Mar 940 Aug
11;fi Feb
24 Sept
20 Aug
3c Aug
174 Jan
2X. Sept
5c Mar 26c May
3
Jan
194 July
45e Mar
May
1
145 Apr
214 Jan
27
Mar 304 Jan
11c Aug 55c
Jan
244 Mar
534 Feb
2c Sept
6c Sept
11c June 210 Aug
11% Mar
70c Feb
50 &tot
6c Sept
120 Sept 12c Sept
VI
1524
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale.
Mining (Concluded) Par. Price. Low. High. Shares.
THE CHRONICLE
Range since Jan. 1.
Low.
1110h.
Jan
17c
Sc May
12c
2,000
Western Utah Copper. _1
12c
4c
Aug
lc June
1,000
2c
lc
White Caps Extension _10c
180 Aug
Feb
3e
14,000
White Caps alining__ _ _10c
I2c. 14c
14c
1% Aug
100 31c May
White Knob Copper, pf _10
55c 55c
I5c July
Jan
lc
5,000
4c
Wilbert Mining
Sc
1
Sc May
Apr
2c
2,000
3c
Yerrington Cons
30
1% June
5 90c
1,100 80c June
Yukon Gold Co
90c 92c
Bonds
Apr,
Jan 90
81 315,000 59
Allied Pack cony deb Cs '39 75
75
Sept
Certificates of deposit _
59% 8,000 50% Jan 67
56
Feb 99% May
3,000 76
Allied Pack 8s Ser B w 1 '39 89
89
89
Aug
1,000 100% Jan 105
Aluminum Mfrs 7s.1925 104
104 104
Aug
1933 106% 1064 106% 26,000 102% Feb 107
78
Feb 99% July
99% 6,000 93
Amer Cotton 011 Ss__ _1924 99
99
Jan 109
Sept
Amer Light & Trac 68.1925 107% 107 107% 20,000 90
May 101% Aug
2,000 100
Without warrants
100% 100%
42.000 91% Sept 93% Aug
91% 93
Amer Repub Corp Os w 1 '37 92
Mar
6,000 99% Jan 101
Amer Tel & Tel es__ _1922
9936 100
1924 10134 101% 101% 18,000 9936 Jan 10136 Apr
68
May
101% 101% 15,000 101% Sept 103
American Tobacco 78_1923
Anaconda Cop Min 78_1929 103% 103% 103% 45,000 100% Jan 104% Aug
6% notes Series A....1929 101% 101% 102% 78,000 96% Jan 10236 Aug
Anglo-Amer Oil 73s._1925 103% 10336 103% 29,000 102% Jan 104% Aug
63,000 101% Jan 10536 July
Armour & Co 7% notes1930 104% 10136 105
44,000 57% Apr 66% May
AU Gulf & WI SS L 551959 54
50% 56
Sept
May 81
1933
14,000 61
Beaver Board 8s
73% 75
July
May 76
3,000 61
Certificates of deposit _
73
73
73
Sept
Sept 101
6,000 99
Beaver Products 736s_1942 99
99 100
Bethlehem Steel 78._ .1923 106% 106% 106% 39,000 100% Jan 106% Aug
Aug
1935 102% 102% 102;6 85,000 100% Jan 105
Equipment 78
June 106% Sept
Bklyn Union Gas 68w L'47 105
104% 1063,6 47,000 104
July 97
Sept
Canada SS Lines 78 w i 1947
96% 54,000 94
96
Aug
25,000 104% Feb 112
Canadian Nat Rys 78_1935 110% 110% 111
Canadian Pac fly 6s_ _192a 10036 100% 101% 31,000 99% Jan 10136 Jan
Feb 108
1941 107% 107 107% 23,000 98
Sept
Central Steel 8s
29,000 92% Mar 99% Apr
Charcoal Iron of Am 8s1931 95% 95% 98
Feb 98
Sept
11,000 87
Cities Serv deb 7s ser C '66
97
96
Mar 9166 Sept
Debenture 7s ser D _ 1966
9036 91% 8,000 85
Mar
9,000 22% Jan 49
Colum Graphophone 8s '251
3736 40
Mar
Sept 40
Certificates of deposit_ _ _
6,000 27
30
27
July 901% May
Com'w'th Pow Corp 631947
90
90% 63,000 88
Consol Gas N Y 7s_ _ _1922
100% 100% 6,000 100% Sept 101% Jan
Sept
Cons GEL&P Balt 7s'31 109
26,000 102% Jan 110
los% 109
_ 1949 106
Sept
6s Series A w
45,000 99% June 107
10136 106
Sept 101% Sept
1952 100
53s Series E
100 100% 114,000 100
Feb 100% June
1941 98% 98% 99% 15,000 94
Consol Textile 8s
May 103% Apr
Copper Export Ass'n 8s '24
102% 102% 8,000 102
Mar
7,000 103% Aug 105
8% notes__ _Feb 15 1925 104
103% 101
Cuban Tel let 7368__ _1941
10638 107% 6,000 102% Jan 107% June
July
Cudahy Packing 78_ _ _1933
101% 101% 6,000 100% Jan 102
103
.1931 102
Fe
Aug
Deere & Co 7%s
101% 102% 61,000 95
1Dery (1) G)Corp 7s w 1'42
100% 101% 114,000 100% Sept 101% Sept
Sept
Detroit City Gas 68_ _ 1947 102
102 102% 119,000 101% Sep 103
w I '37
East Cuba Sug7
Sep 105% Aug
100 1005-4 88,000 100
101% July
1,000 92% Ma
Empire Gas & Fuel 68_1924
100% 100%
Feb 100
May
Gear (Robert) Co 78..1937 99% 99
99% 62.000 95
Sept
Galena-Signal 011 78_ _ 1930 10564 105% 106% 23,000 100% Jan 107
Jan 107
Apr
2.000 102
General Asphalt Ss__ .1930
106 10636
Goodrich (B F) Co 78_1925
102% 102% 10,000 96% Jan 103% July
Jan 10334 Aug
Grand Trunk fly 6368.1936 106% 10536 109% 54,000 102
1933 103% 103% 101% 17,000 102% Ja
1043-4 May
Gulf 011 Corp
1,000 loo;; Feb 105% Sept
Hershey Chocolate 738'30
10.5 105
Sept
3,000 100% Apr 101
Hocking Val RR 68._ _ 1924
100% 100%
102
Ja
Aug
003,4 101% 29,000 96
Hood Rubber 7% notes '36
Ja
97% A114
Interb It T 8s J P M rects
94% 96 180.000 72
95
Certificates of deposit _
06% Aug
9464 96 200,000 89% Jul
95
105
Ja
1921
Sept
1,000 76
7% notes
102 102
Sep
93% 224,000 93
93% Sept
Kansas City Pow & Lt 58'52 93
93
Jun
98% Sept
Kansas Gas& El 6s_ __ 1925 98
98% 101.000 95
98
106% Jan
Kennecott Copper 78 A930 104% 104% 105% 44,000 101% Ja
28,000 96% Mar 10136 Sept
Kings County Ltg 636s w 1
101
100% 101
Aug
Laclede Gas Light 7s- - - 101
10234 49,000 94% Feb 103
101
Libby McNeill& Libby78'31 102
102 102% 32,000 98% Apr 102% Sept
Liggett-Winchester 7s_1912
1033-f 103% 6,000 98% Mar 104% Sept
100
Ja
May
44,000 89
Manitoba Power 75_ _ .1941 99
98% 100
1,000 99
Sep 100% May
99
Merch dr Mfrs Exch 78 1942
99
May
Morris & Co 7ais_ _ _ _1930 105% 105% 106% 24,000 102% Jan 107
Mar 100
Sept
9834 66,000 92
Nat Acme Co 7%8_ .1931 98
98
36,000 9536 Jan 10136 Sept
National Leather 85_1925 100% 100% 101
Mar 92% May
8536 65,100 77
N Y N If & 7s w 1_1925
84
85
May
8,200 64% Mar 78
72
500 franc bonds
6936 69
6,000 9835 Sept 100
Sept
983-4 99
Paulista fly ref 7s._ _ _1942
1,000 92% Sept 92% Sept
Penn P & L 5s Ser B._1952 92% 92% 92%
Sept
7,000 99 June 103
102% 102%
Phi's Electric 5368 WI _1947
1941
2.000 100% Jan 106% Sept
106 106
1st lien as
Phillips Petrol 7a6s__ _1931
Ap 104% May
4,000 99
Without warrants
102% 102% 102%
Public Serv Corp 78w 11941 103% 103% 10436 98,000 96% Fel 10534 Sept
Sept
Sep 101
1,000 101
101
101
St Paul Un Dep 5368_ _1932 101
Apr
Jan 102
Sears Roebuck & Co 7s '23 101% 101% 10164 35,000 97
Ja
9,000; 101
106% Sept
105 106
Shawsheen Mills 7s.._ _1931 105
100% 10136 240,000' 100% Sept 101% Sept
Sheffield Farms Co 6368'42 101
Sept 95% Sept
95
Sinclair Pipe L 5s w L _1942 95
95% 147.000, 95
1927
107% July
Solvay & Cie 88
10634 107% 21,000, 102% Ja
104% Aug
Southw Bell Telep 78_1925 102% 102% 1033e 49,000 100% Ja
Stand 011of N Y deb 36s'33 109% 10936 109% 116,000 105% Ma 109% July
108
Ja
7% serial gold deb...1925 10536 105 105% 7,000 104
Aug
Ja. 106% Sept
7% serial gold deb_ _1926 106% 106% 10636 2,000 104
Slay
7,000 104% Feb 107
7% serial gold deb_ _1927 106% 106% 108%
107 107% 2.000 105
Feb 108
Sept
7% serial gold deb_ _1928 107
Apr 109
June
7% serial gold deb_ _ 1930 103% 10S% 1031% 3,000 106
July
7%serial gold deb_ _1931 1093i 109% 109% 13,000 107% Mar 111
98% 9936 178,000 98% Sept 99% Sept
Sugar Estates Oriente 7s'42
Sept
9,000 98% Jar 103
Sun Co 78
1931 1025 102% 103
10236 July
101% 43,000 100% Ja
1925 10114 101
Swift & Co 78
Ja
10336 Apr
Aug 15 1931 102% 1023,6 1023-4 122,000 101
7s
9736 Sept
5s, when issued____ 1932 96% 90% 97 135,000 96% Sep
104 104% 9,000 99% Ja
106
Sept
Tidal-Osage Oil 7s_ _ _ _ 1931 104
May
Union Oil of Calif 68_ _1942 1013 101% 102 117,000 100% Jun 102
Fe
110
15,000 90
Apr
98 100
United 011Produc 88_ _1931 99
Ja
Apr
108
105% 10636 23,000 100
United Rys of Hay 7%8'36
38,000
8836
Sept
9036
91
8836
Sep
58_1947
88%
US Rubber 1st ref
109% Sept
Jun
108% 10936 12,000 91
Utah Securities 6s_ _ ...1922
Ja
109% Aug
1936 10S% 108% 10936 48,000 106
Vacuum Oil 75
7,000 98% July 101
Sept
Valvoline 0116s,ser A wi'37 1001% 1003.1 100%
7,000 50
Ja
743,6 Sept
713-4 72
1937
Wayne Coal 68
101%
2,000
Mar
109%
Sep
10236
10136
78.1925
Western Elec cony
Foreign Government
and Municipalities
97
Ja
10134 Aug
Argentine Nation 78_1923 1001% 100% 100% 45,000 75c
Au
534 Jan
80c 800 g300000
[Berlin 4s
75c
0100000
1% Sept
Au
75c
750
75C
*Bremen 436s
5% May
60c 60c g30,000 00c Sep
6Hamburg 4365
52% Apr
3834 40% 102.000 37% Au
1945 3936
Mexico 4s
4,000 11
Sept
11%
13
Sep
11
3s
2,000 16% Sep
23 June
16% 1636
58
50
57,000
Jul
Sept
56%
551%
541%
551%
68 10-year series B
Sept 063-4 July
95 457,000 94
Netherlands(Kingd)68B'72 9436 94
20,000 99% Sept 100% July
994 100
Peru (Republic)8s wi_1932
Au
99%, Sept
991% 99% 25,000 99
Philippine Govt 445_1052
12% Sept 2634 Apr
121% 12% 10,000
Russian Govt6%s etfs 1919
10% Au
140,000
30% Apr
1264
111%
12
Certificates
45,000 12
Sep
Apr
28
12
12
Russian Govt 5aas_ _ _ _ 1921
Sept
263.1 Apr
124 17,000 12
12
12
Certificates
Serbs, Croats and Slovenes
Aug
96
Sep
9236 124,800 92
92
(Kingdom of)88 w 1 .1926 92
104% 116,000 95a.4 Jan 10736 Mar
Switzerland Govt 545 1929 104% 1044
6 Dollar per 1,000 marks. a Ex-100% titock divit Odd lots. * No par va ue.
Listed ,n the Stock
per 1.000 lire flat.
dend. g Marks. it Correct on. in Dollars
transactions will be found. o ew stocr
additional
where
week,
this
Exchange
Ex-stock
z
dividend.
-rights.
Ex
y
w When Issued. z Ex-dividend.
[vol.. 115.
Quotations for Sundry Securities
All bonds prices are "and interest" except where marked "f."
Ask
Standard Oil Stocks Par BO
Anglo-American 011 new.
*1934 204
100 1150 1200
Atlantic Refining
100 115 118
Preferred
100 425 440
Borne &Unifier Co
98
Buckeye Pipe Line Co.._ _ 60 *97
Cheeebrough Mfg new.._100 198 203
100 110 115
Preferred new
100 144 146
Continental 011
37
50 *36
Crescent Pipe Line Co
Cumberland Pipe Line_ _100 150 153
98
Eureka Pipe Line Co__ _100 96
51
Galena Signal()Beam__ _100 52
100 108 112
Preferred old
100 100 103
Preferred new
100 170 174
Illinois Pipe Line
98
50 *96
Indiana Pipe Line Co
International Petrol.(no par) *203s 2058
27
National Transit Co..12.50 *26
New York Transit Co__ _100 170 175
Northern Pipe Line Co_ _100 110 112
25 *307 311
Ohio Oil Co
28
25 25
Penn Mex Fuel Co
100 640 650
Prairie 011 & Gas
100 263 267
Prairie Pipe Line
100 370 380
Solar Refining
99
Southern Pipe Line Co_ _100 97
100 210 220
South Penn Oil
65
Southwest Pa Pipe Lines.100 60
Standard 011 (California) 25 119 11938
Standard 011 (Indiana) 25 •11778 11818
Standard 011 (Kansas) _ _100 585 595
Standard 011 (Kentucky) 25 107 108
Standard 011 (Nebraska)100 190 195
Standard Oil of New Jer_ 25 *19612 19712
100 117 11712
Preferred
Standard 011of New Y'k.100 530 534
Standard Oil (Ohio) _ __ _100 485 495
100 118 119
Preferred
34
100 30
Swan & Finch
100 112 11612
Union Tank Car Co_
100 110 112
Preferred
100 523 528
Vacuum 011
25
Washington 011
10 *22
164
Joint Stk. Land Bk. Bonds
Chic Jt Stk Land Bk 58_1939 9934 10012
10234 10312
ria 1951 opt 1931
103
10334
58 1952 opt 1932
10512 10612
536s 1951 opt 1931
RR. Equipments-Per Ct Basis,
Atch Topeka & Banta Fe (11). 5.50 5.10
Atlan Coast Line 65 & 6368 5.40 5.10
Baltimore & Ohio 434s & 131s_ 5.50 4.75
Buff Roch & Pitts 45 & %is 6.10 4.50
5.50 5.10Equipment Si
Canadian Pacific 434r& 6s_. 5.30 5.00
6.00 5.50
Caro Clinchfield & Ohio 5e
5.50 5.00
Central of Georgia 4%a-5.50 5.10
Central RR of N J 6,
Chesapeake dr Ohio Os &8%8 5.50 5.00
5.35 4 90
Equipment 55
0.50 5.70
Chicago & Alton 65
6.50 5.10
Chicago Burl & Quincy Oa
5.90 5.40
Chicago & Eastern Ill 63611
Chicago Ind Ac Louisv 4365_ 5.50 5.10
Chicago St Louis & N 05s.._ 5.35 5.00
5.20 4.75
Chicago & NW 4168
5.45 5.10
Equipment (is & 6363
Chic R I & Pac 436e. Is, es 5.65 5.10
Colorado & Southern Is,(is_ 5.50 5.15
5.50 5.10
Delaware & Hudson 6
5.80 5.20
Erie 436a, Ea & as
5.50 5.15
Great Northern 65
Hocking Valley 4%e.5a & 65 5.50 5.15
Illinois Central 43.4s, & es 5.35 5.00
Equipment 78 & 63-4s...... 5.20 4 90
50 5.0
0
10
Kanawha & Mich 4%s,68._ 5.4
Louisville & Nashville Si..... 5.20 4.75
Equipment Cs &
Michigan Central 55, Cs____
MinnStP&SSM 4368& 5a
60 5.20
Equipment 634s & 7s._.._ 5.
00 5...20
75
5
5...60
Missouri Kansas & Texan 53 65
Missouri Pacific 55
Equipment Os & 63.45.......
5.80 5.20
Mobile & Ohio 4%a.5a
New York Central 434o, 53..i 5.10 4.75
c 6.40 5.10
Equipment 65 & 70
N Y Ontario & Weetern ais 6-00 5.50
Norfolk & Western 4%s___. 6.10 4.60
5.25 4.90
Northern Pacific 75
6.20 4.90
Pacific Fruit Express 75
Pennsylvania RR 413 & 4365- 6.50 6.10
5.35 5.10
Equipment(is
Pittab & Lake Erie Os az 030 5.35 5.10
5.15 4.65
Reading Co 4366
6.75 5.10
St Louis Iron Mt & Sou 5s
St Louis & San Franclsoo 5a_ 5.53 5.10
Seaboard Air Line 4345 & 58_ 5.90 5.40
_ 5.10 4.75
Southern Pacific Co
5.20 4.87
Equipment 7o
5.65 5.25
Southern ay 4%s,Is &
6.50 5.25
Toledo & Ohio Central Os
5.10 4.75
Union Pacific 7s
6.50 5.10
Virginian fly
g:432 5:0 100
Other 011 Stocks
•0
912
Atlantic Lobos Oil (no par)
40
Preferred
50 •34
745
755
Gulf Oil
*6214 6212
Gulf Oil (new)
Humble Oil &
_ 255 265
95 •110 112
Imperial Oil
Magnolia Petroleum. _ _ _100 228 232
Merritt 011 Corporation_ 10 *812 834
14 I
Mexican Earle Oil
5 •12
1612 1638
Salt Creek Producers
Tobacco Stocks
79
American Cigar common.100 70
93
Preferred
100 89
Amer Machine & Fdry_ _100 225 250
American Tobacco Scrip.... 8I48 151
British-Amer Tobac ord. El *181s 1812
Brit-Amer Tobac. bearer LI *181s 1812
Conley Foil (new)__(no par) 51212 14
Mime (Geo W)Co,com.100 168 175
Public Utilities
Preferred
100 112 115
Amer Gag & Elec. core__ 50 .171 174
Imperial Tob of G B & ire.. *1412 15
46
50 *45
Preferred
Johnson Tin Foil & Met_100 90 115
Amer Light & Tree,com.100 132 135
MacAndrewn & Forbes_ _100 121 121
100 9412 96
Preferred
Preferred
100 98 102
38
Amer Power & Lt,com 100 138 142
100 36
Mengel Co
91
74
100 89
Preferred
Porto Rican-Amer Tob...,100 68
19
•75
85
Amer Public Util. com 100 15
Scrip
36
83
.75
100 32
Preferred
Reynolds(R J)Tobacco_ 25
41
53 BlackstoneVaIG.&E.com 50 7212 75
Schulte Ret. Stores(no par) •52
58
62
Universal Leaf Tob corn _100 122 125 Carolina Pow At Lt.com _100 196
198
5 1103
0,2
0012 ()Mee Service Co. corn 100
100 19
Preferred
98
100 6912 70
Preferred
100 90
Young (J 5) Co
Colorado Power, corn._ _100 2234 2312
100
Preferred
94
100 90
Preferred
Rubber Stocks (Clad mid pr ices)
33
75
76
Com'sv'th Pow,fly & Lt_100 32
Rub.com_10
&
Tire
Firestone
60
68
90
9012
100
Preferred
100
6% preferred
Elec Bond & Share, praf _100 97 100
100 86
7% preferred
2712
39
290
8
8
300
_100
__
'Frac
Federal
&
Light
_100
Gen'l Tire & Rub,corn_
75
Preferred
100 72
100
Preferred
Goodyear Tire & R,corn AN -16" 1012 Lehigh Pow Sec. (no par.). 4 1712 1814
31
100 2712 2812 Mississippi Riv Pow,com100 29
Preferred
Preferred
100 8414 8514
Prior preferred
100 62 63
First Mtge 58, 1961_ _J&J 9434 9534
Goodyear T&R of Can pf 100
9
212
82
7
f g deb 78 1935__M&N 102 104
Miller Rubber
100 70
12
9812 99
Northern Ohio Elee.(no par) *9
Preferred
32
20
30
Preferred
100 30
Mohawk Rubber
100
22 North'n States Pow.com.100 98 101
Swinehart Tire & R,com_100 95
Preferred
100 93
Preferred
87
iNor Texas Elea Co.cora _100 84
Sugar Stock-s
84
17 ' Preferred
100 82
Caracas Sugar
60 *15
92
Cent Aguirre Sugar corn. 20 *7512 77 Pacific Gas & El, lot paef 100 91
14 114 Puget Sound Pow & Lt..100 54 56
Central Sugar Corp.(no par) '
84
21, 6% preferred
1
100 82
Preferred
100
35
100 104
7% preferred
Cupey Sugar common__ _100 25
65
Gen al 736s 1941___M&N 10412 106
100 45
Preferred
14
77 Republic fly & Light..._100 12
Fajardo Sugar
100 75
471t
100 45
Preferred
Federal Sugar Ref, com_100 105 110
110
Preferred
100 107 110 South Calif Edisoa, nem_100 10812
16
100 2
Preferred
Godchaux S ug Inc__(no par) *14
21
83 Standard Gas & El(Del). 50 *20
Preferred
100 79
49
50 .48
Preferred
Great Western Sug,com_100 260 265
16
15
par)
107
(no
Pow
Elec
10a
Tcnnemee
Preferred
100
3911
(no par) 38
27
2d preferred
Holly Slug Corp,com(no par) •19
66
62 United Lt & Rya,corn._ _100 64
Preferred
100 56
7815
100 76
1st preferred
Juncoe Central Sugar-- -100 50 100
4212
40
Western Power Corp...... _100 86
National Sugar Refining _100 135 14:3
88
100
14
Preferred
11
SantaCecillaSugCorp,pf.
.100
50
Savannah Slug. com _(no Dar) 45
92
Preferred
100 88
r Cent
West India Sufi Fin,com.100 50 100 Short Term Securities-PC 99
9914
6(1
Am Cot 0110o 1924_ _M
Preferred
100 55
1924_F&A 10114 10112
65
Tel
Tel&
Amor
Industrial&Miscellaneous
.0112
8
1017
'23.M&N
notes
Arn Tob 7%
American hardware..
100 194 197
Anaconda0opMi1 el5'29_J&J 10178 1021g
64
Amer Typefoundera,com.100 60
J&J 10314 10312
B
Series
1929
100
75
95
Preferred
100
A&O 10312 10334
Atlas Powder
100 140 150 Anglo-Amer 011730'25
00&J15 10434 105
Bliss(EW)Co,new.(no par) *3012 32 Arm'r&Co75July15'3 J&1)15 19014 101
'23
15
no
J
6s
Deb
60
Preferred
50 •54
Deb 63 J'ne 15'24..J&D15 10014 101
Borden Company,com 100 116 118
15'23J&J15 10614 10634
Preferred
100 100 103 Beth St 7% July
Pao 681924.M&S2 10034 10118
Canadian
95
Celluloid Company
100 90
68'24-M&N 101 10112
100 115 118 Federal Bug Ref6t1
Childs Co, corn
1924.M&S 10034 101
Valley
100 107 110 Hocking
Preferred
.9412 9512
Hercules Powder
100 190 198 Interboro It T 88 1922-M&S 10034 101
100 101 104 K 0Term Ry 6s'23.M&N15
Preferred
Jaal
102 ,104
1931
July
75
63-48
100 70
International Salt
78 Jan '29_FarA 101 1102
Pnternational Silver, prof 100 •102 105 Laclede Gas
9212 9314
A
&
'27_11
68
See
Pow
Lehigh
80
*78
Lehigh Valley Coal Sales. 60
9914 9934
100 165 175 Sloss Shelf S & I Os'29..F&A
Phelps Dodge Corp
10114 10112
Royal Baking Pow,com_100 108 112 Swift & Co 7% 1925-A&015
103 110318
7% notes Aug 15 1931_ _
99
100 90
Preferred
1108
Singer Manufacturing- 100 98 100 'I; S Rubber 73.4s 1930_F&A 107
•Per share. b Basis. d Purchaser also pays accrued dividend. e New stock.
Ex-stock div.
z Ex-div. f/ Ex-rights.
fFlat price. it Last sale. a Nomin a
butestutent anti Alai:Irma gixtelliffetzte.
1525
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
SS
Alabama & Vicksb_ July
191048 258.860 1,768,148 • 1,817,083
13230860 16573250 64,968,715 86,696,253
Amer Ry Express__ May
August
Y_
&
Canton
Akron
186,745 206.145 1,442,301 1,023,032
3d wk Sept
Ann Arbor
96,364 106,395 3,560,275 3,531,404
1576i202 1548i787 99,169.520 104682915
Atch Topeka & 8 Fe July
guly
Gulf Colo & S Fe_
1,943,272 2,738.796 11,937,548 16,749.990
Panhandle S Fe_ _!July
612,122
323,0611 835,921 4,113,128 4,969,485
Atlanta Birm & Atl_guly
279,342 2,165,907 1.769,236
Atlanta & West Pt July
207.431 200,467 .. ,
1.455.240
Atlantic City
August
737.050 752,749 3,315,484 3,371,
Atlantic Coast Line.. August
4,608,073 4,170,305 46,198,073 45,340,469
Baltimore & Ohio August
14104234 17933438 1267274161130702 162
B &0Ch Term July
246,065 188,609 1,723,4891 1,397,266
Bangor & Aroostook August
377,037 404,116 5,271,998 4,551,464
Bellefonte Central August
9,982
6,999
66,133
47,976
Belt Ry of Chicago_ July
445.914 432,371 3,336.640 2.935,811
Bessemer Q L Erie_ August
1,575,265 1,696,76o 7,663,772 9,108,219
Bingham & Garfield July
20.465
10,154
102,845
116.649
Boston & Maine_ _ _ August
6,975,504 7,029,588 51,402,682 50,800,695
Bklyn E D Term- July
121,905
99,827
760.894
919.325
Buff Roch & Pittsb_ 3d wk Sept 300,872 295,889 10129.012 11,049,303
Buffalo & Susq
August
1,279
,'865,357 1,313,902
Canadian Nat Rys_ 3d wk Sept 2,918.687 2,688,428 77,909.697 86.115.316
Canadian Pacific_ 3d wk Sept 4,290.000 4,980,000 115051000 127003000
Caro Clinch & Ohio_ August
583.882 607.280 5.081,4291 4,833,955
Central of Geargia August
1,047.283 1,729,665 14.630,928114,913,640
Central RR of NJ.._ August
3,796,503 4,887.844 30,862,640 34,668.197
Cent New England_ August
446,743 691,588 4,366,254 5,491,640
Central Vermont.._ _ July
560.874 582,544 3.952.223 3,907,210
Charleston & W Car July
238,807 259,228 1.963,283 1,949.850
Ches & Ohio Lines.... July •
6,474,773 7,990,618 50 647,632 49,873,764
Chicago & Alton..... July
1.861.1102.630.677 15.993.182 17.097,
Chic Burl & Quincy_ July
12608638 14028678 87.244.590 92,426,593
Chicago & East Ill August
1,810,522 2,547,973 15.502,378 17,613,395
Chicago Great West July
1.915.134 1.971.692 13,238.278 13,631,578
Chic Ind & Louisv_ _'August
1,270,995 1,363,191 10,239,655 9,963,862
Chicago Junction_ May
292.669 409.419 2.045.955 2.042.576
Chic Milw & St Paul August
14272930 14381 659 98,124,034 94,348,779
Chic & North West_ August
128(0888 14875567 93,202,625 94,697,431
Chic Peoria & St L. u y
173.047 178,8551 1,306.232, 1,135,474
Chic River & Ind_ _ July
562,303
1,354,566'
Chicago RI& Pac__ July
10030565 11583048 66,084,247 73,896,404
Chic R I & Gulf__ July
538,486 702,775 3,254,5461 4,271,170
Chic St P M & Om_ July
2,323,272 2,260,540 15.379,723,15,307.511
Oinc Ind & Western July
341,742 308.072 2,385,326 2.005,820
Colo & Southern__ 3c1 wk Sept 514.894 568,047 16,777,748 18,627,124
Ft W & Den City_ July
769.152 1,018.467 5,131.295 6,256,721
Trin & Brazos Val July
158.098 271,330 1,738,156 1.568,613
Wichita Valley.... _ July
90,991 133,919
662.4361 925,762
Cumb Val &Martins July
53,309 140,623
506.6271 873.581
Delaware & Hudson August
2,399,758 4,137,445 23,487,150 30,513,775
Del Lack & Western August
5,773,758 7,599.717 47,205,974 57,374,406
Deny & Rio Grande July
2,902,572 2,738,017 17,368,783 16,978,783
Denver & Salt Lake July
43,758 277,960
599,581 1,439,218
Detroit & Mackinac July
180,802 184,010
996,113 1.100.805
Detroit Tol & front_ July
823,979 701,656 5,301.902 3,357,192
Det & Tol Shore L_ July
220,335 257,077 2,029,466 1,461.265
Dul & Iron Range.._ July
1,339,057 781,085 3,515,606 2,909,344
Dub Missabe & or_ July
2,736.716 2,068,604 6,581.450 6.665,721
Dui Sou Shore & Ad 3d wk Sept
83.395
91,067 3,089,788 3,285,582
Duluth Winn & Pac August
170,152 141,870 1,309,134 1,638.226
East St Louis Conn_ August
180,124 130,294 1,351,742 1,062,144
August
Eastern SS Lines...
863,802 826,658 3,867.110 3,455,285
Elgin Joliet & East_ July
1,732,637 1.261.147 12,239,872 11,675.447
El Paso & Sou West August
964.628 729,569 7,384,899 7,709,972
Erie RailroadNJ & N Y. RR__ _ August
128,780 135,580
991,609
991,781
Florida East Coast.. August
673,897 707,393 9,454,654 9,728,443
Florida East Coast_ July
715,519 725,385 8,780,757 9,021.050
Fonda Johns & Gloy August
908,071
898,273
113,583 119,226
Ft Smith & Western July
135,313 113.744
865,951 1.027,656
Galveston Wharf_ .. _ August
136,410 338,727
929,825 1,869,163
Georgia Railroad_ _ .. August
440.597 423,117 3,228,807 3,476,574
Georgia & Florida__ July
128.260
,
771,023
819.663
Grand Trunk Syst__ 3d wk Sept 2.158,601 2,277.977 79,850.774 79,812,225
Atl & St Lawrence August
248,568 187,667 1.797,638 1,906,887
ChDetCanGTJct August
172,070 166,725 1,493,558 1.255,696
Det G H & Milw_ August
393,918 540,557 3,443,117 2,812,666
Grand 'I'rk West_ August
1,694,950 1,559,225 10,660,651 9,675.199
Great North System July
9,015 381 8.142.962 51.745,576 50.046,749
Green Bay & West.. August
190,791 124,440
905,906
919,363
Gulf Mobile & Nor_ July
333,352 319,441 2,592,363 2.368,767
Gulf & Ship Island_ July
252.429 233,981 1,690.213 1,625,455
Hocking Talley_ _ _ July
894,179 1,355,653 7.244,589 7,736,526
Illinois Central.- _ July
11869898 11565130 81.643,019 80,441.877
Illinois Central Syst August
15727039 13989381 107466104 105908925
Internet & Grt Nor.. July
949,357 1,587,617 7,691.026 11,061,580
Internet Ry of Me.. July
132.721 147,534 1.641.225 1,747.344
112.810 152,812
K0 Mex & Orient__ July
778.123
986.144
133,573 202,562
K0 Mex &0 of Tex July
853,809 1.219,100
1,338,419 1,622,147 10,070,936 11,618,514
Kansas City South_ July •
167,939 170,655 1,145,799 1,261.386
Texark & Ft Sm_ July
1,727.570 1,882,143 12,944,304 14,741.549
Total system..___ August
212,589 205.485 1,554,203 1,353,338
Kan Olda & Gulf__ July
228,659
Lake Sup & Ishpem_ July
30,117
476,340
104,256
51,40'!
August
85,570
Lake Term Ry
711,725
857,733
153,639 267,681 1,503,932 2,133,656
Lehigh & Bud River August
Lehigh & New Eng.. August
276.091 437,762 3.048,067 2,493,724
August
4,697,562 6.592,931 40,177,067 49,751,470
Lehigh Valley
1,635,502 1,626,089 11,085.506 11.590,155
Los Aug & Salt Lake July
292,921 251.4151 1.926,205 1,935,296
Louisiana & Arkan_ July
266,999 316,373 1.874.990,
Louisiana By & Nay July
2182,760
8,973,394 10239879 80,600,376 77,454,579
Louisville & Nashv_ August
276.139 222,035 1.807.527 1,629,021
Louisv Fiend & St L July
August
1,754,220 1,669,586 13,507,096 13,697,048
Maine Central
345,744 360,541 2,9c4,I 84 2,05.),163
Midland Valley_ .._ _ August
6,723
3,854
203,127
3d wk Sept
Mineral Range
225,794
Minneap & St Louis 3d wk Sept 354,247 410.576 10,891,766 11,510,531
4,262,4223,534,772 23,517.350 22,913,515
Minn St P & S S M_ July
,107,121
86,413
846.862
Mississippi Central_ July
599.829
54,033
' 169.295
Mo & North Arkan_ July
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Missouri Kan & Tex July
2,590,094 2,836,169 17.289,059 18.840,412
Mo K & T Ry of Tex July
1,567,979 2,385.009 11.576,829 15,585,115
Mo Kan & Tex Syst August
4,450,166 6,035,298 34,135.788 41.966.412
Missouri Pacific__ _ _ August
8,785,538 10591 860 65,073.700 71,952,075
Mobile & Ohio
3d wk Sept 366.186 309.556 12,275,629 12,989,519
Columbus& Green July
135,824
85.307
850,482
855,119
Monongahela
136,204 309,223 1,867,168 2,194,396
July
Monongahela Conn_ July
132,817
43,030
965,802
413,095
Montour
22,150 100,755
August
387,088 1,014,225
Nashv Chatt & St L August
2,099,888 1,807,919 14,808,088 13,757,230
Nevada-Cal-Oregon I2d wk Sept
12,362
7,326
200,244
258,817
Nevada Northern_ _1July
62.641
15,695
248.791
223,439
Newburgh & Sou Sh August
139,240 101.260 1,284,573
831.755
New On Great Nor.. August
208,870 233,339 1,494,939 1,711,631
N 0 Texas & Mex_ _ July
182.914 131.739 1,501.919 1,516,954
Beaum S L & W July
175,770 187,544 1,190,946 1.298,578
St L Brownsv & M July
378,516 428.793 2,981.191 3,421,526
New York Central August
28948947 27811953 215441042 211646641
Ind Harbor Belt.. July
790.844 675,529 5,429,666 5.078,284
Lake Erie & West June
.5
. 774.517
4,454,359
Michigan Central August
7,622,377 6,713,198 51,776,358 47,544,257
Cloy C & St L August
7.003,195 7.091,001 54,179,681 52,927.268
Cincinnati North.1.1uly
227.5051 326.003 1.977.8161 2.078.666
Pitts & Lake Erie August
2,139,567 1,694,006 15.892,734 15,575,403
Tol & Ohio Cent_ August
628,022 1,047,499 4.732,2971 6,971,789
Kanawha & Mich August
344,358 481,092 2,128,9211 3,191,738
N Y Chic & St Louis August
3,399,713 3,217,272 25,356,821 23,624,501
N Y Connecting... August
225,210 265,774 1,838.472 2,327,096
NYNH& Hartf August
10534282110231624 78.858.227 75.333,512
N Y Ont & Western August
1,258,471 1,578,680 8,011,184 9,714,477
N Y Susq & Western August
,
,
21379,238
Norfolk Southern August
585:5561 *616,644 5,457,920
,
Norfolk & Western.. August
7,903,124 6,806,597 61,477,819 52,785.016
Northern Pacific__ ..1•11113,
7.986,391 7,877.354 49,908,495 48,304,575
Northwestern Pac July
794,030 958,643 4.351,415 4.649,417
Pennsylv RR & Co.. August
56213502 51816506 397241 939 401955913
Bali Ches & Atl_ _IAugust
197,848 212,800 1,072,616 1.133,072
Cinc Lob & Nor...'July
90.8761 111,880
609,987
642.761
Grand Rap & IndlJune
712,6021 617,668 4,125,809 4,086,038
Long Island
August
3,277,691 13,199,695 20,607,463 19,282,531
Mary Del & Va._'August
769,207
146,4651 156,741
846,935
N Y Phila & NorfiJuly
864,883 600,207 4,348.268 3,672,564
Tol Peer & West_ Judy
131,199 127.807
922.423
935.122
W Jersey & Seash•August
1,894,763 1,829.662 9,316,179 9,063,458
Pitts C C & St L.. June
8.910.749 7.942,514 47 521,417 48.177.641
Pennsylvania Syst August
63133868 58175539 438823009 440551 595
Peoria & Pekin Un_ August
1:43.5441 134,,,7i 1,151,174 1,087.674
Pere Marquette_ __ _ August
3,386,042 4,016.422 24,614.000 24,437.245
Perldomen
August
119,515
98,145
837,466
852,478
Phila & Reading... August
5,490,608 7,122,009,48.909.096 66,254,958
Pittsb & Shawmut_ _ July
49:423
74.0551 550.390
691,235
Pitts Shaw & North August
677,118
92,088 103,959
787,128
Pittsb & West Va August
192,090 226,305 1,797,490 1,865,901
Port Reading
August
66,789 166,675 1,143,678 1,503,200
Pullman Company...D.11y
5,438,777 5,617,252 36,889,128 38,295,918
uincv Om & C July
69,468 107.6041 600.155
735.867
Rich Fred & Potom July
835.263 818,324 6.242,898 6,215.709
Rutland
August
519,718 574,..270 3:7 42:7 71 3
14:207
40
9
1:8853
St Jos & Grand Isl'd July
•676 303
St Louis-can Fran August
6,309,073 7.515,558 52,476,719 54,034.446
Ft Worth & Rio(ir July
110,333 136,679, 705,385
969,173
St L S F of Texas_ July
158.678 198.4051 939,504 1.054,172
St Louis- San Fr Sys August
6 618 834 7.881,594 54,586 442 56,552 318
St Louis Southwest,. July
1,326.660 1,332.032 9,677,898 9,627,020
St L S W of Texas July
601.677 641.942 4.039.877 4.255,635
Total system_ _ 3d wk Sept 516.292 473,235 17,062498 17,231,262
St Louis Transfer August
60,972
488,806
744,712
90,436
San Ant & AranPass July
430,591 556,763 2.914,380 3,370,101
San Ant Uv & Gulf_ July
99,095
611.505
718,593
97,023
Seaboard Air Line July
3,210,196 3.173.979 25,636,703 25,352.190
Southern Pacific_ July
15952904 16574383 99.158.214 108541 722
Southern Pacific Co July
21644974 22627508 141792194 152875873
Atlantic SS Lines_ August
977,042 910,391 7396,861 6,869,807
Arizona Eastern_ July
300.453 176,424 1,794,521 1.763.422
Galv Harris & S A July
..604,657 1,818,413 12310.823 14,650.265
Hous & Texas Con July
1,072,628 1,101,335 7,976,854 7,173,207
lions E & W T
July
282,467 258,1961 1.695,480 1,611,826
Louisiana West July
278,533 379,004' 2,388,726 2,476,292
Morg La & Texas July
691,958 4,392.725 4,987,305
542,509
Texas & New 01. ruby
625,622 709.6391 4,971.6612 4.963.436
Southarn Railway August
11122010 81,398,509 83,926,262
9,482,592
Ala Great South_ August
374,446 751,653 5,570,833 6,207.828
Cin N 0& Tex P_ July
1.057,519 1,378,618 10,176,771 10,205.876
Georgia Sou & Fla July
355.286
388,755 2,726,290 2.616,877
New Orl & Nor E July
271.109 485,963 3,391,631 3,747,349
Northern Ala
July
133,669
58,296
762.601
503,139
Spokane Internat.- July
92.172 105,612
633,506
738.729
Spok Port) & Seattle July
635.392 653,258 4,025,500 4.184,135
Statea Island R T August
239,582
237.739
1.648.232
1.688,131
Tennessee Central July
1 10,1 -ii 178.526 1.363.1,11 1,356,922
Term R R Assn ofStL August
340,558 392,933 2,978.966 2,915,256
St L Mer lidge T_ luuly
261,410 277.206 2.042,956 2.019.880
Texas & Pacific_ _ 3d wk Sept 627,200 614.764 21,040,086 25,379,156
Toledo St 1.,& West_ iuly
007.068 936 597 5.814.225 5,094.485
Ulster & Delaware_ _ August
205,751 250,656 1.132,284 1.217,776
Union Pacific
July
8,096,096 9,317.262 53.498.209 58.023.239
Oregon Short Line July
2,592,961 2.590.599 18,973,550 18,243,_ _276
Total system..
August
17627803 20041541 116158620 123529909
Ore-Wash RR &N July
2,274.756 2,141.7(19 14.973,483 15.631.698
Union RR (Penn) August
821,481 7,304.420 6,540,534
1.064,255
Utah
July
160,449
65,584
920,980
626.445
Vicks Shrev & Pee July
256,073 323.502 2,137.399 2.370.790
Virginian Railroad_ August
1,345.294 1.448,654 13,245,606 12,594.828
Wabash Railroad August
4,703,310 5,406,857 37,977,110 39.101,778
Western Maryland_ 3d wk
373,415 318,372 10,543,446 11,490,767
Western Pacific_ _ July Aug 1.102.840 1.017.930 6,193,081 6,573.620
Western By of Ala July
216.665 208,783 1,411,397 1.422,900
Wheel & Lake Erle_ July
1,182,134 1,477,255 8,005,064 8. 226.180
Wichita Falls & NW July
136,052 380.594
819.734 1.505.588
Yazoo & Miss Valley July
1,367,427 1.503,486 10.096,046 11.497,666
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
2d :week July (16 roads)---3d week July (17 roads).---4th week July 16 roads1-1st week Aug. 14 roads _ _ -_
2d week Aug 15 roads _ ___
3d week Aug 15 roads _ _ _ 4th week Aug 13 roads)---1st week Sept 15 roads)---2d week Sept (15 roads)
3d week Sept (16 roads)____
Current
Year.
Previous
Year.
Increase or
Decrease.
1
3
12,880,105 13,090.802
-210,697 1.61
12.354.510 12.969.484
-614.974 4.74
13,403.786 13.976,759
-572,973 4.09
9,800.291,1 10,603,153
-802.862 7.57
10,098,1841 10.999,399
-901,215 8.19
10,270,028 10,945.368
-675.340 6.17
13,662,589 14,678.846 -1,016,257 6.92
10,103,215 11,259,917 -1,156,702 10.27
10.741.410, 11,631.906
-890,306 7.65
12,233,461 12.819.788
-586.327 4.58
Monthly Summaries.
Mileage.
Curt% Yr.
October _ _235.228
November __236.043
December_ -.225,619
January ____235.395
February _--235,625
March
234.986
April
234.955
May
234.931
June
235,310
July
•92k 009
I
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
Prev.Yr.i
S
234.686 534.332.833 840.215.263 -105922430 16.54
234.972 464.440.498 590,468.164 -126027666 21.8..
224.784 406,864,055 527.480,047 -120,615.992 22.87
234.636 393,892,529 469,195.808 -75.303,279 16.05
234,880 400,430,580 405,203.414 -4,772.834 1.18
234.202 473.433.886 457,374.460 +16.059.426 3.51
234.338 416,240.237 432,106.647 -15,866,410 3.67
234.051 447.299.150 443,229,399 +4.069.7510.92
2:34,568 472,383,903 460,007,081+12,376,822 2.69
9.1d AAR 449 736.307 482.696.9136 -19.960.569 4_31
THE CHRONTCLE
1526
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of September. The table covers 16 roads and shows 4.58%
decrease in the aggregate from the same week last year.
Third week of September.
1921.
1922.
S
I
$
I Increase.1 Decrease.
IS
I
106.395,
96,3641
Ann Arbor
4,983
295.889
300.872
Buffalo Rochester & Pittsburgh
2,918,687 2,688,428 230,259
Canadian National Rye
4,290.000 4,980,000
Canadian Pacific
568,047
514.894
Colorado & Southern
91,067
83,395
Duluth South Sho-e & Atlantic..
Grand Trunk of Canada
2,158,601 2,277,977
Grand Trunk Western
Detroit Gr Hay & Milw__ _ _
Canada Atlantic
2,869
3,854
6,723
Mineral Range
410,576
354,247
Minneapolis & St Louis
Iowa Central
56,630
309,556
366,186
Mobile & Ohio
43,057.
473,235
516,292
St Louis Southwestern
12.436
614,764
627,200
Texas & Pacific
12,233,461 12,819,788 350,234
Total (16 roads)
.
Net decrease (4.58%)
10,031
690,000
53,153
7,672
119,376
56,329
936,561
586,327
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
after Taxes
-Grossfrom Railway- -Net from Railway- -Net
1922.
1921.
1921.
1922.
1921.
1922.
$
$
Akron Canton & Youngstown51,339
95,228
101,228
61,851
208,145
186,745
August ____
533,435
236,560
308,560
613,034
From Jan 1_ 1,442,301 1,023,032
Ann Arbor61,861
113,361
134,080
84,455
496,935
448,471
August ____
238,261
474,027
395,774
645,291
From Jan 1 3,272,125 3,213,904
Atlantic City RR239,116
323,443
345,174
258,367
752,749
737,050
August ____
509,269
486,545
639,534
669,348
FromJanl 3,315,434 3,371,196
Line
Atlantic Coast
-260,385
15,450
292,120
643,768
August ____ 4,608,155 4,170,305
10,325,703 3,609,323
From Jan 1 46,198,073 45,340,459 12,567,515 5,764,901
Baltimore & Ohio3,441,402 -175,520 2,747,533
513,590
17,933,438
,234
____14,104
August
19,172,888 18,185,402 14,380,709
FromJanl 126,727,416 130702,162 23,892,080
Bangor Ar Aroostook71,253
81,278 -46,907
69,328
404,116
377,037
August ___ _
373,673
573.385 1,324,787
From Jan 1 5,271,998 4,551,464 1,625,832
Bessemer & Lake Erie629,721
603,031
652,904
640,789
August ____ 1,575,255 1,696,766
794,654
1,041,789 1,189,657
From Jan 1 7,663,772 0,103,219 1,450,991
Maine
dr
Boston
882,794
1,075,537
1,333,226
1,111,739
7,029,589
6,975,504
August
1,016,107 6.631,155 -1.032,694
From Jan 151,402.683 50,800,695 8,244,112
Buffalo Rochester & Pittsburgh465,671 def31,351
430,198 def66,352
August ____ 990,873 1,256,693
2,577
284.079 def471,502
186,518
FromJanl 8,815,025 9,479,874
na
Susquehan
&
Buffalo
-22,822
-24,148
-19,522
20,891
152,173
81.279
August..,..._
328,925 -112,116 -355,325
865,357 1,313,902 -86,072
From Jan 1
Canadian Pacific2,946,436 2,576.139
August.....A5,918.050 17,064.265
17,580,621
FromJanl 106,677,243 116892,865 14,722,415
Ohio&
d
Clinchfiel
Carolina
181,279
192,099
231,304
607,280
583,882
August-_
1,821,786 1,153,769 1,491,242
From Jan 1 5,031,429 4,833,955
Central of Georgia76,271
350,915
459,742
August ____ 1,947,283 1,729,685 3,063,228 1,001,656 2,317,237
Ftom Jan 1_14,630,928 14,913,640
Central of New England65,795 -10,304
11,903
691,584
445,743
_
August
910,108
1,090,594 1,415,410
From Jan 1 4,366,254 5,494,640
Central RR of New Jersey
1,173,234
124.962
387,555
August ____ 3,796,503 4,837,844 4,243,569 7,195,227 2,151,613
From Jan 130,862,640 34,668,197
Chicago & Eastern Illinois695,367
-9,093
91,096
August ____ 1,810,522 2,547,973 2,124,922 1,075,308 1,441,286
From Jan 115,502,378 17,613,395
Chicago & North Western2.809,931 4.507,316 2,077,329
August ___ _12,860,888 14,875,567 17,761,934 8,059,051 11,901,597
From Jan 1 93,202,625 94,697,431
Chicago Ind & Louisville174,139
330,843
235,313
August.... 1,270,995 1,363,191 2,401,680 1,403,700 1,894,827
From Jan 1 10.239,655 9,933,862
Paul
St
Chicago Milwaukee &
2,882,586
August _ _ _14,272,930 14,381,659
9,402,410
From Jan 198,124.034 94,348,779
Delaware & Hudson021,510 -601,746
_ 2,399,758 4,137,445 -514,804
August
4,952,119
797,204
From Jan 1 23,487,150 30.513,775 1,500,241
Western
&
Delaware Lackawanna
-382,396
1,740,583
-5,536
August ____ 5,773,758 7,599,717
10,515,250 4,448,011
From Jan 1_47,205,974 57,374,406 7,764,740
iticDuluth Winnipeg &
4,898
-9,509
14,001
141,870
170,152
_
August
59,350
3,631
74,780
From Jan 1 1,309,134 1,638,226
g
East St Louis Connectin
45,173
91.805
99,891
130,294
180,124
August ____
621,134
302,966
709,844
From Jan! 1,351,742 1,062,144
Eastern Steamship Linea390,689
314,032
419,380
826,658
863,802
August ____
745,045
730.340
927,370
From Jan 1 3,867,110 3,455,285
El Paso & Southwestern- 729,569
130,065
210,479
356.781
August ___ 964.628
2,397,020 1,653,907 1.628,227
From Jan 1 7,384,899 7,709,972
Erie Railroad9,300,470-1,686,277 1,365,554-1,977,712
7,238,682
August
525,178
4 2,722,274 4,670,407
From Jan 1 58,703,158 67,460,49
Chicago & Erie169,123
11,562
66,648
990,889
903,307
August..
362,817 1,152,572
7,031,203 1,580,963
From Jan! 7,220.640
YorkNew Jersey & New
24,569
-5,580
-2,580
135,580
123,780
August _
97,110
133,884
121,332
991,609
FromJanl- 951,781
Florida East Coast-226,159
-177,042
-102,990
707,393
August _ _ 673.897 9,728,443 3,210,727 1,969,445 2,707,169
From Jan 1_ 9,454,654
Wharf
Galveston
189,477
47,301
63,370
338,727
136,410
August
104,383 • 913,765 -31,631
929,823 1,869,613
From Jan 1_
Georgia Railroad40,504
30,864
51,340
423,117
440,597
August
406,265
467,551 -10,352
3,476,574
From Jan 1 3,228,807
Grand Trunk System-Atlantic & St Lawrence-,
187,667 -20,842 -94,274 -40,906
248,568
August
1,906,887 -38,585 -247,149 -177.002
From Jan 1_ 1,797,638
161,888
911,674
1,958
364,495
61,286
1.253,530
909,691
5,235,252
575,061
341,067
3,811,655
2,063,501
268,829
913,131
2,527,636
3,043,627
842,875
4,238,448
1,359,735
7,460,812
-17,857
-25,858
42.482
279,716
363,902
567,755
41,561
915,195
1,062,938
2,314,652
125,372
12,740
21,052
110,427
-274,724
1,476,051
172,477
777,697
24,901
-58,225
-107,672
-396,101
[VOL. 113.
-Grossfrom Railway- -Net from Railway- -Net after Taxes1912.
1922.
1921.
1922.
1921,
1922.
$
$
$
tem-(concludecl)Grand Trunk Sy,
Chic Det Can Ord Trk Jet41,263
60,529
47,658
73,837
166,725
172,070
August ____
346,811
637,178
390,756
713,405
From Jan!.. 1,493,558 1,255,696
&
MilwHaven
Detroit Grand
136,196
45,415
142.484
49,116
540,557
393,918
August ____
14,261
802,688
59,195
849,240
From Jan 1.. 3,443,117 2,812,666
Grand Trunk Western396,428
458,281
361.915
535,506
1,559,225
1,694,650
____
August
413,591
840,742 1,380,069
Ftom Jan 1-10,660,651 9,675,199 2,368,187
Green Bay & Western10,835
18,195
19,635
26,195
124,440
100,791
August
101,794
156,227
160,422
220,227
919,363
From Jan 1_ 905,906
Illinois Central System2,146,334 1,282,507
August ___ _15.727.039 13,969,381
15,2,54,652 12,215,778
From Jan 1 107466104 105908925
Lake Terminal RY8,755
6,500
14,637
10,640
85,570
81,406
August ____
36,733
163,047
84,408
209,443
857,733
711,725
From Jan 1_
Lehigh & Hudson Sliver63,052
75,203 • -29,285
267,681 -14.447
153,639
August ____
468,972
160,155
566,183
269,199
From Jan 1_ 1,503,932 2,133,656
Lehlah & New England
-7,335
125,080
140.533
690
437,362
276,091
August ____
31,790
541,458
107,951
665.082
From Jan 1 3,048,067 2,493,724
Lehigh Valley-866,533
-769,014
1,022.677
612.580
6,592,931
4,697.542
August ____
1,390,911 1,153,031
From Jan L40,177,067 49,751,470 2,984,049 2,578,369
Louisville & Nashville407,054 1,317,874
710.374 1,587.907
August ____ 8,973,394 10,239,879
339,594
11,478,194
From Jan L80,600,376 77,454,579 14,567,426 2,709,303
MP inn Central82,610
275,054
189,371
362,713
1,669,586
1,754,220
August ____
334,643 1,588,921 -510,479
From Jan L13,507,096 13,697,048 2,360,124
Midland Valley99,271
82,257
107,435
99,024
369,541
345,244
August ____
460,501
525,846 1,033,125
From Jan 1_ 2,994,184 2,955,613 1,148,450
Minneapolis & St Louis183,892
181,825
_ 1,277,886 1,502.760
August
1,047,515 -370,331
From Jan L 9,940,958 10,332,799
Missouri Kansas & Texas Lines
725,232 1,662,718
913,925 2,017,902
4,450,166 6,035,298
August
8,018,427 6,868,699
From Jan 134,135,788 41,966,412 9,872,037 8,567,353
Missouri Pacific2,888,889
_ 8,785,538 10.591,860 1,611.229 3,283,417 1,257,076 7,172,366
August
From Jan L65,073,700 71,952,075 10,725,906 9,717,546 7,753,907
Mobile & Ohio114,271
190,754
186,331
244,864
August ____ 1.400,073 1,438,708
401,946
878,349 2,025,676
From Jan 1_11,253,442 11,977,021 2,480,365
Montour214
3,411 -35,184
100,755 -35,140
22,150
August ____
288 -150,089 -29,510
From Jan L 387,088 1,014,225 -132,546
St
Louis
&
ga
Nashville Chattanoo
362,162
308,658
402,005
345,180
August ____ 2,099,888 1,907,919
130,500
528,594 1,381,242
From Jan L14,088,088 13,757,230 1,676,056
Newburgh & South Shore
3,394
9,529
19,930
21,146
101,260
130,240
August ____
-1,272
284,427
82,994
335,721
831,755
From Jan 1_ 1,234.573
Northern
Great
New Orleans
24,142
62,587
42,630
77,888
233,339
208,870
August ____
134,583
408,284
263,159
529,327
FromJanl_ 1,494,939 1,711,631
New York Central5,108,923
_ _ _28.949,947 27.811,953 3.741,316 6,900,367 2.266,830 26,232,435
From Jan 1 215441042 211646,641 44,168,456 39,516,709 31,106,375
Cleveland Ma Chic & St L0,119986,528
843,768
1,302,641
August _ - - 7,003,195 7,091,001 1,109,652
11,078,454 5,528,943
From Jan L54,179,681 52,927,268 14,338,111 8,091,959
Kanawha & Michigan
98,110
127,681 -106,184
441,092 -80.867
314.358
_
August
184,960 -474,700 -88,100
FromJanl- 2,128,921 3,191,738 -259,282
Michigan Central1,473,444
7,622.377 6,713,198 2,300.998 1,699,535 1,790,807 7,768,932
August _
9,564,964 11,613,788
From Jan L51,776,353 47,544.257 14,592,393
Pittsburgh & Lake Erie
178,897
110,394
42,570
179,996
A ugnIt _ ___ 2.139,567 1,694,006
233,393 1,235,258 -347,424 -519,422
From Jan L15.992.734 15,575,403
Toledo & Ohio C•mtral178,769
245.296 -282.546
ugust ____ 623/122 1,047,499 -235,020
536,979
992,400 -940,254
From Jan L 4,732,297 6,971,789 -510,908
Louis
New York Chicago & St
555,198
484,099
805,873
701,198
3,399,713 :3.217.272
August _ _
2,797,920
From Jan L25.356,821 23.624,501 6,369,427 4,125,969 4,987,617
New York Connect ing164,636
115,606
202,379
154,979
265,774
225,210
August _ _ _
929,064 1,347,458
From Jan 1_ 1,838,472 2,327,096 1,244,050 1.660,933
NYNH& Hartford
999,748
_10.534,282 10,231,624 1,s92,576 1,414.018 1,115,344
Jan1 78,558.227 75,333,512 15,283,014 2,418,509 12,190.505 -779,586
AugustFrom
N Y Ontario & Western315,987
247,972
357,976
273,143
August ____ 1,258,473 1,578,680
1,176,893
From Jan 1_ 8,011,184 9,714,477 1,356,108 1,467,691 1,063,924
N Y Susquehanna es Western26,346
52.182 -106,016
373,847 -80.511
298,429
_
August
158,620 -109,208 -48,565
93,146
__-1 2,607,279 2,879,238
From Jan
Norfolk & Western1,155,552
August __ 7,903,124 6,806,597 2,114,674 1,555.803 1,512,441 50,668,865
From Jan 1_61.477,819 52,785,016 19,860,724 8,802,716 15,803,449
Norfolk Southern47,496
80,419
80,290
112.733
585,556
610,644
August ____
375,449
823,519
635,062
From Jan 1_ 5,457,920 5,231,451 1,069,051
Pennsylvania BR5,680,005
August _ _56,213,502 51,916,506 9,371,648 8.673,190 6,241,7913 28.362,992
FromJanl 397,241,939 401955,913 73,890,988 45,341,293 56,200,98
AtiBaltimore Chas &
79,136
33,815
04,856
49,451
212,860
197,848
August _ ___
44,911
83,358 ___13,758
24,419
From Jan 1_ 1,072,616 1,133,072
Long Island917,291 1,065,663
1,323,341
1,197,206
3,199,965
3,277.691
_
August
4,491,856 2,356,940
From Jan L20,607,463 19,282,531 5,668,538 3,435,588
Maryland Del & Virginia38,096
23,988
47,711
31,998
156,741
146,465
August ____
-710 -70,408 -22,827
846,935 -51,999
From Jan L 769,207
West Jer3?y & SNIShOr 435,741
383,978
683,803
663,343
August _ _ 1,894,763 1,829,662
593,539
1.102.567
From Jan 1_ 9,316,179 9,063,458 1,781,631 1,193,440
SystemPennsylvania
7,785,872 7,157,719
August _ _ _ _63,133.868 58.175,539 11,60,1.787 10,802,333 62,674,785
'31,136,045
FromJanl 433,232,009 440551,595 82.899,343 50,544,674
Peoria & Pekin Union18,415
23,326
38,548
33,415
134,921
133,544
August
149,506 -53,874
48,305
266,086
From Jan 1- 1,151,174 1,087,674
Pere Mztrquettc
776,208 1,258,773
920.222 1,353,359
August ____ 3,386,042 4,016,422
From Jan L24,614,000 24,437,245 5,949,488 4,743,809 4,779,357 4,013,059
Perkiomen RR37,485
10,319
58,757
63,696
98,145
119,515
August ____
423,953
381,475
339,285
368,570
852,478
From Jan 1_ 837,466
Philadelphia & Reading397,068 1,461,980
221,009 1,302,576
5,490.608 7.122,009
August
9,096 65,254,958 8,880,555 8,303,402 7,265,582 6,656,337
__- From Jan148.90
SEPT. 30 1922.1
THE CHRONICLE
1527
_Grossfrom Railway- -Net from Railway- -Net after Taxes1922.
Latest Gross Earnings.
1922.
1921.
1921.
1922.
1921.
Jan. 1 to Latest Date.
Name of Road
$
$
$
$
or Company.
) Current Previous Current
Pittsburgh Shawmut& NorthernPrecious
Mmah. I Year.
August
Year.
103,950 -13,746
92,088
_
-1,831 -17,113
Year.
-4,091
Year.
From Jan 1_ 677,118
787,128 -209,131 -247,370 -228,042 -265.320
Pittsburgh & West Virginia3
Flaverhill Gas Light__ July
41,624
42,53
226,305
*538,779 *486.763
August __ __ 192,090
16,535 -57,335
-9,047 -82,373 Honolulu Rap Trans_ June
80,662 79,717
478,795
From Jan 1_ 1.797,490 1,865,901
401,132 -223,423
191,326 -401,150 Houghton Elec Light_ July
461.808
38,932 37,846 *551.436
Hudson & Manhattan August
Port Reading872,971 844,087 7,245,187 *599.966
166,675
66,789
6.888,030
August _
-1,560
67,414 -16,270
53,259 Hunting'n Dev & Gas July
91,225 69,105 *1,124.401 *1,194.27
From Jan 1_ 1,143,678 1,503,200
449.855
7
681,322
July
331,122
569,115 Idaho Power Co
219,406 209,966 1,350,755
1.280,572
Illinois Traction
July
Rutland1680,205 1686,191 12,747,668 12,617.91
Indiana
9
Power
Co
510,718
574,270
June
August _ _
76.366
58.632 60,590
146,531
95,347
122,282 Indiana Service Corp_
846.303
763,318
May
From Jan 1_ 3,742,771 3,853,240
405,777
247,986 238,617 1,225.052
251,247
237,635
58,963 Interborough Rap
1.250.030
Tr
June
4322,480
4387,398 35.197.947
St Louts San Francisco3
Electric
July
32.309 31,257 *382,225 28.062.54
August __ 6,309,073 7,515,558 1,413,925 2,575,580 1,086,434 2,267,679 Keokuk
*367,142
Kentucky
& Ter June
147.052 157,430 1,592.294 1,614,871
From Jan 1_52,476,719 54,034,446 13,704,438 14,069,592 11,022,920 11,793,788 Keystone Trac
Telephone
_
August
140,275 142.486 1,107.332 1.153,940
St Louis San Francisco SystemKey West Elec Co__ _ July
19,251 19,710 *249,055 *266,775
August __ _ _ 6,618,834 7,881,594 1,473,294 2,638,844
908,070 2,220,336 Lake Shore Electric July
246,178 262,858 1.390,782 1,512,893
From Jan 1_54,586,442 56,552,318 13,666,860 13,854,346 10,581,576 11,098,679 Lexington Util & Ice.. July
110,482 117,327 *1,092,269 *1,071,89
Southweste
System
Long
8
rn
Island Electric_ June
St Louis
36,644 36.636
152,604
162,977
/4191st - __ 2,111,465 1,963,227
608,688
448,905
495,018
354,685 Lowell Elec Corp_ _ _ _ July
94,653 86,926 *1,235.991 *1,196,82
From Jan 1_15,829,241 15,845,881 3,369,617 2,891,036 2,632,696 2,248,052 Manhat Bdge 3c Line June
3
24,176 24,463
141,971
143.246
Manhattan & Queens June
St Louis Transfer33,555 30,014
182,321
zMarket
160,720
Strcet
Ry
598874
60,972
August _ _
Awrust
90,436
6,9q,1
10.191
47,044
9,293
46,563 Metrvolitan
July
From Jan 1_ 488,806
744,712
209,288 203,951 1,584,060
93,165
327.000
88.819
322.678 Miiw Elec RyEdison..
& Light August
1567,56/ 1443.628 *1880084' *1,526.426
Southern Pacific Co19310411
River Power Co_ July
257,332 221.409 *2.872.580 *2.809,52
August __ _ _23,160,148 24,212,913 6,536,634 7,281,160 4,948,499 5,733,953 Miss
Munic
Serv Co SE subs June
220.533 197,838 1,310,171 1.217.8918
FromJanl 164,952,342 177088,785 40,343,775 35,400,184 27,588,791 25,679,956 Nashville
Ry & Lt Co June
325.355
310,854
*3.975.17.
Southern PacificNebraska Power Co July
267.855 237,171 *3.260.888 .3,743,1423
Atlantic S S LinesNevr.da Calif Electric July
360.686 332.124 2,064.057 *3,054,47
977,042
August _
910,391
1.902.464
94,656
New Bedford G & Lt_ July
127,358
82,445
115,163
97,697
624,716
From Jan 1_ 7,496,861 6,869,807 1.264.588
336,245 1,164,852
243,357 Ness- Erlg Power Sys_ August
456,331 931..s,0"
*5,543,418
Southern RailwayN J Pr & Lt Sub Cos_ July
47,541
34,310
362,551
253,650
August _ _ 0,482,592 11,122,010
N'p't N & Hatnp Ry_ June
187,593 240.283
1,630,742 1,967,484 N
997,263 1.352.448
Y Dock Co
From Jan 1_81,398,509 83,926,262
August
14,081,651 7,844,893 N
321,571- 395.454 2,675,98( 3.695,668
Y Railways
Alabama Great SouthernJune
824,322
847,788
4,598,60c 4,710,075
bEighth Avenue RR_ June
August _ ___ 374,446
751,653 -125,461
104,589 104,728
76,091 -167,205
611,691"
48,073 bNinth'Avenue RR
595,356
June
From Jan 1_ 5,570,833 6,207,828 1,070,034
42,064 46,376
591,287
261,005
723,277
378,864 N Y& Harlem(City
272,520
L)
June
127,993
Island
143,103
Rapid TransitStaten
803,059
874,411
New
York
&
Long
Isl.
June
50,884 54,109
August _ _ 239,582
237,739
275,457
-6,704
18,629 --21,708
278,450
3,304 N Y & Queens County June
63,671 114,578
From Jan 1_ 1,648,232 1,688,131 -89,177
581,678
-204 --224,885 -111,638 Nor Caro Public Serv July
616,631
99,264 89.195 1.191,102 1,097.944
Terminal RR Assn of St LouisNor Ohio Elec Corp August
788.504 689,401 6,039,044 5.838.880
August ____ 340,558
392,933
90,889
122,514
30,879
17,779 Nor Ohio Trac & Lt June
752,120 690.635 4.405,803 4.408,531
From Jan 1_ 2,978,966 2,915,256 1,003,038
727,618
560,547
289,140 Nor W Ohio Ry & Pow July
44,106 46,817 *460.003 *495.602
Northern Texas Elec.. July
Ulster & Delaware249,940 285,998 *3.171,253 *3,843,52
Ocean Electric
5
August _ _ 205,751
250,656
May
37,232
95,823
29,793 -J3.2:'
31,229
88,783 Pacific Power
04.525
72,224
From Jan 1_ 1,132,284 1,217,776
&
Light
July
136,401
153,761
251,239 235.28 *2,941,951 *2,763.322
88,347
97,581 Paducah Electric_ _ _ _
July
Union Pacific42,256
42,11
*540,712
*511,386
Palmetto Power & Lt July
Total System45,057 43,51
*579,807 *579,075
Penn Central Lt & P_ June
190,960 153,0'
August - _17,627,803 20,041,541 4,500,250 6,377,738 3,333,634
I .20(1,222 1,159,969
Edison & Sub July
203.226
From Jan 1 116158620 123529,909 27041,494 28,847,010 17,872,744 5,202,107 Penn
186.47
*2,487,295 *2,543,587
20,336,576 Philadelphia Co ano
•
Union RRNatural Gas Cos.... July
916,996 446,72 8.259,070 6,618,809
August ____ 1,064,255
821,481
343,570
Philadelphia Oil Co July
277,214
326,400
269,881
74,620
55.79
576,331
From Jan 1_ 7,304,420 6,540,534 2,256,739
717.018
998,553 2,143,994
920,803 Phila & Western
August
69,541 70,45
533,498
532,286
Virginian RyPhila Rapid Transit_ _ August
3315,457 3276,32 ;7,790,059 28,170,950
August ____ 1,345,294 1,448,654
Pine
Bluff
421,802
Co
July
474,386
271,930
81,183 75.7%
368,661 Portland Gas
445,549
435.493
From Jan 1_13,245,606 12,594,828 5,369,233 4.418,013 4,436,832 3,621,312
& Coke_ July
265,997 260,46 *3,316,247 *3,271,414
Portland Ry, Lt P_ July
Wabash Ry812,005 703,10 ,9.927.194 *10090673
Puget Sd Pow & Lt__ July
4,703,310 5,406,857
August _
531,537 1.136.433
821,863 770,91: '10189036 *10207414
341,646
.981,733
Puget
Sd
Pow
& Lt. June
From Jan L37,977,110 39,101,778 6,675,030 4,903,307 5,149,656 3,722,093
785.174 751,57 .10138 Ogs *10903194
Read Tr&Lt Co&Sub July
256,524 264,98: 1.693,128 1,739,142
Western MarylandRepublic Ry & Lt___ July
648.607
August ____ 1,355,349 1,059,968
547,87: 7,406.884 8,092.774
295,267
369,238
Richmond
235,267
309,238
Lt & RR__ June
71,354 74,20
From Jan L.
373,053
244.276
Rutland Ry Lt & Pr_ July
48,250 44.13, *567,603 *579,355
St L Rocky Mt & Pac June
423.634 277.03 1.522.444 1,912,798
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Sandusky Gas & El__ July
54,050
39,69:458,389
407,615
Savannah Bloc & Pow July
131,606
1,214.597
Sayre Electric Co..___ July
14,382 13,431
Latest Gross Earnings.
103,732
109.923
Jan. 1 to Latest Date. Second Avenue
June
Name of Road
89,849
91.00
484,215
457,181
17th St Incl Plane.... July
or Company.
3,685
Curs ent Previous Current
4,50'
22,077
25,352
Sierra Pacific
Previous
June
Month.
73.304 79.82
Year.
Year.
*887,504 *818.497
Year.
Southern Calif Edison July
Year.
1478,348 1529,82, 9,348,917 9,185,975
City of Los Angeles
Wholesale Basis_ June
Adirondack Pow & Lt August
1406,466 1251,69i 7.238.812 6.916.100
460,534 396,381 *5,329,608 *4,790,826 South Canada Power_
July
Alabama Power Co_ _ August
1819,457 1814,814 z36021471 x34640488
452,603 361,855 3,304.011 2,956,416 1Southwestern Pr &Lt July
Amer Power &Light_ July
752,814 761,617 *9,664,660 *10219869
1984,218 1903.514 *25676670 *25389384 Tampa Electric
July
American Rys Co_ _
137,875 137,213 *1,755.669 *1,632.575
March
1587.888 1598,785 4.717.101 4.832.092 Tennessee Power
May
Amer Water Wks Elec July
220,342 205.272 1,039,277 1.031.378
1636,065 1595,343 *19952410 *20048652 Tennessee Ry. Lt Co_
May
Appalachian Pow Co_ August
576.837 558.256 2.881.441 2.861,366
246,794 205,264 1,916.333 1.597,831 Texas Electric Ry& P August
Arkansas Lt & Power July
223,168 235,064 2,126,621 2.334.885
151,076 128,283 *1 130,134 *1,165,845 Texas Power & Light_ July
Asheville Pow &Light July
355.905 351,852 *4.775.522 *5,229.697
79.616 76,025 4874.950 *851,786 Third Ave Ry System
August
Associated Gas & Elec August
1193,257 1165,143 9,444,083 9.168,586
158,514 147,865 *1,940,673 *1,709,083 Twin City Rapid
Trap
June
Atlantic Shore Ry___ March
793,542 844,890 6,998.654 7.015.223
20,259 20,715
58,667
53.673 United Gas & El Corp August
Bangor Ry & Elec Co July
964,374 873,718 8,184.820 7,575,412
114.582 113.379 *1,458,075 *1,379,186 United Lt & Rys
Co
kBarcelona Tr Lt & P August
3599,168 2923,804 29,822,896 23,868,776
and
subsid
cos
Baton Rouge Elec Co July
942.355 863,810 *11380480 *11816182
47,716 45,247 *572,729 *527,775 Utah Power & Light_ August
July
Beaver Valley Trac__ July
55,029 54,214
566.581 519,226 3,917,152 3,861.123
367,397
406,479 Utah Securities
Binghamton Lt H & P July
700,852 656.532 *8.521,480 *8.775,552
75.128 69,227 *986,423 *867,571 Vermont Hy-E1Corp_ July
Corp
Blackstone Val G & E July
July
291,744 276,845 *3,904,625 *3,405,02
46,528 32,097
295,847
277.789
Virginia
& Power_ March
'Brazilian Tr.Lt& P_ July
16655000 15477000 109170000 95.676,0010 Western Ry
713.693 851.734 2.078,328 2.578.200
Union
Tel
Co
April
Bklyn Rapid Transit_ August
3057,721 2849,127
8091,170 8475,281 31.789.301 34.360.958
West
Penn
Co
&
Sub_ July
Bklyn City RR_ _ _ _ August
982,560 946,717
111L.752 1106.143 '14199935 *14617229
Winnipeg Electric Ry Jure
Bklyn Heights(Rec) June
7,449
417,754 446.209 .2753,488 2.856,715
6,079
43,915
36,510 Yadkin River Power_ July
Bklyn Qu Co & Sub June
216,775 213,477 1,284,073 1,078,121
95.838 81,348'1,1.74.858 *1,009.455
Coney Is! & Bklyn_ June
271,618 267,507 1,381,351 1.313,514
a The Brooklyn City RR.is no longer
Coney Isl & Graves June
part of the Brooklyn Rapid Transit
17.443 16,294
47,961
System,
45,907
the
receiver
of
Electric_
the Brooklyn Heights RR. Co. having, with
Nassau
_ _ June
451,026 416,752 2,503,465 2,294.376 approval of the
the
Court,declined to continue
N Y Consolidated_ June
1955,669 1896,158 11,688,691 11,040,71
payment of the rental; therefore
7 since Oct. 18 1919 the Brooklyn City RR. has
South Brooklyn_ _ _ June
111,042 91,521
been operated by its owners.
529,512
b
The
445,148
Eighth
Avenue
and Ninth Avenue RR. companies were formerly
Cape Breton Elec Co_ July
52,712 62,128 *657,071
689.264 leased to the New York Railways
Carolina Pow & Light July
152,070 126,192 *1,817,590 *1.659.32
Co., but these leases were terminated
on July 11 1919, respectively, since
May
Central Illinois Lt_
222.766 210,222 1,274,875 1,186,1998 operated
which dates these roads have been
separately
. f Earnings given in milreis. g Subsidiary companie
Central Miss Val Elee July
43,969 42,116 *536,344
s
508.514 only. I Includes both subway and elevated
Chattanooga Ry & Lt May
125.931 111,845 *1,461,798 *1,345.76
lines. jOf Abington S: Rockland
(Mass.).
9
k
Given
in
pesetas. 1 These were the earnings from opera1017,344 731,040 *14131156 *17219881 tion of the
Cities Service Co_ _ _ _ August
properties of subsidiary companies. * Earnings for twelve
85.251 88.443
City Gas Co. Norfolk March
266.350
280,636 months. t Started operation
Citizens Trac & subs_ June
76,946 75,724
472,466
492,982 y Earnings for 11 months. s April 1 1921. z Earnings for ten months.
76,584 81,250
Cleve Paints & East_ July
416,325
452,490
July
83,951 78,533 *969,007 *1.114.232
Colorado Power
1311,347 1026,310 12,067,760 9,865,532
Electric Railway and Other Public Utility Net
Columbia Gas & Elec August
150.974 140,999 *1.906.355 *1,631,344 Earning
Columbus Electric__ _ July
s.-The following table gives the returns of
2450.610 2447,556 18,303.446 18,221,378
Com'w'Ith Pr,Ry&Lt July
ELECTRIC railway and other public utility
134,177 18,827 *1.632,863
Connecticut Power July
9
gross and net
1159,518 1061,646 8,421,298 *1,476,01
Consumers Power Co July
8,197,000 earnings with charges and surplus reported
this week:
309,041 296,956 *3,398,529 *3,244,751
Cumb Co l'ow & Lt_ _ July
311,857 295,485 2,508,362 2,380,509
Dayton Power &Lt_ _ July
-Gross Earnings--Net Earnings-2011,061 1732.532 16,760,348 15,028,093
Detroit Edison Co__ _ August
Current
Previous
Current
Previous
Companies.
1758.129 2084.196 4,990,099 5.917,675
Detroit United BY_ _ - March
Year.
Year.
Year.
Year.
Duluth-Superior trac July
144,515 149,267
993,972 1,054,443
$
$
$
$
Barcelona Trac,L&P,LtdAugx3,599
Duquesne Lt Co subs
x2,923,0
z2,197,33
,168
4
5
x1,672.94
5
1274.514 1234.799 9.468.504 9,539,634
Jan 1 to Aug 31
light and power cos July
x29,822,896x23,868.776518,011,547x15,013,758
East St Louis & Sub_ _ July
247,398 281,766 *3,585,853 *4,323.137
z Given in pesetas.
Eastern Shore Gas&El JuLe
43,231 39.422
273,323
248.094
Eastern Texas Elec July
148,770 140,089 *1.692,362 *1.720,809
Net after
Gross
Fixed
Edison El Ill of Brock July
Balance,
96,552 93,339 *1,316,158 *1,241,155
Earnings.
Taxes.
Charges.
El Paso Electric
Surplus.
185.110 188,838 *2,285,858 *2,194,844
July
•
El Lt & P of Abington
Associated Gas
Aug '22
& Rockland
158,514
x51,181
28,440
July
29,293 28,077 *359,393 *352,776
22,741
& Electric
Erie Lt Co & subsid_ _ June
'21
147,865
z25,675
21,585
83.275 68,638
553,160
4,090
530.787
12 mos ending Aug 31 22 1,940,673 x595,702
Fall River Gas Works July
300,299
82,512 85,818 *1,000,305 *989,090
295,403
Federal Lt & Trac Co June
'21 1,709,083 x415,328
257,334
379,687 369,470 2,492,346 2,431.369
157,994
Fort Worth Pow & Lt July
205,101 207,607 *2,481,859 *2,865,860 Bangor By &
July '22
46,177
114,583
23,493
22,684
Gaiv-Houston Elec._ July
Electric Co
284,721 326,634 *3,411,739 *3,916,555
113,379
42,815
23,330
19,485
Gen G & El& Sub Cos July
12 mos ending July 31 '21
964,981 897,333 6,834,409 7,562,080
1,458,705
576,344
'22
284,966
291,378
Georgia Ry & Power_ July
1078,785 *14610329 *14109108
1134,167
1,379,178
533,301
'21
275,626
257,675
Great Western Power June
617,327 580.479 3.660,507 3,633,414 Brooklyn City RR ..Aug '22
982,560
166,074
49,244
Harrisburg Rallway.._ March
116,830
140,450 144,350
410.021
422,958
946,717
181,383
'21
53,356
Havana El Ry,Lt&Pr May
128,027
1087,916 1100.117 5,459.542 5,341,730
2 mos ending Aug. 31 '22
1,981,289
367,538
97.656
269,882
365,812
'21 1,920,978
103,978
261,834
THE CHRONICLE
1528
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance,
Surglus.
[vol.. 115.
Bold-faced figures indicate reports published atlength.
Page
Page. i Industrials (Concluded)Steam Roads, 1318, 1338
Alabama & Great Southern RR._ .....i206 General Petroleum Corp.1207
1327
269,067 Baltimore
728.585
1317, 1334 Glidden Co., Cleveland, Ohio
de Ohio RR
Aug '22 3,057.721 x997,652
B'klyn Rapid
993
198.713 Bangor & Aroostook RR
711,176
1428 Godchaux Sugars, Inc
'21 2,849,127 3909,889
Transit System
1327
on
604,011
Corporati
3
Pictures
24
1,467,31
Goldwyn
New Orl. de Tex. Pac. Ry_ _ _ _1425
2 mos ending Aug 31 '22 6,209,483 x2,071,373 1,473,589
993
387,284 Cinc.
1425 Gray dr Davis, Inc
'21 5,895,077 z1,960.8
Cuba Railroad
1105
1317 Great Western Sugar Co
269,420 Georgia Southern St Florida Ry
479.260
Aug '22 1.311,347 a748,680
985
on
Columbia Gas &
Corporati
1205 Hartman
109,708 Mobile & Ohio RR
525.301
'21 1,026,310 x635,009
993
Electric
983 Hayes Wheel Co
z7,282,741 3,778,269 3,504,472 National Railways of Mexico
1215
Texas
of
12 mos ending Aug 31 '22 i2,067,760
Co.
Oil
Houston
_
8
_1206
RR_
ern
New Orleans dr Northeast
1105
'21 9,865,532 x6.465,492 3,535,704 2,929,78
Co
1095 Hurley Machine
67,213 Wheeling dc Lake Erie Ry
61.222
993
128,435
309,041
July '22
I Illinois Telephone Co
Cumberland
26,975
59,100
86,075
1216, 1328
296,956
Indiahoma Refining Co
County Power & Lt '21
Electric Railways461,679
9
707.390
1319
1,169,06
9
Inc
3,398,52
1096 Indiana Refining Co.,
12 mos ending July 31:22
387,066 Brooklyn City RR
685,436
21 3,244,781 1,072,502
1321 Intel national Agricultural Corp_ _ 1426
Street Ry
808 Gary (Ind.)
53,417
54,225
247,398
1100 International Cement Corporation__ 993
July '22
nia-Ohio Electric Co
Pennsylva
East St Louis &
1328
-11,321
54.630
43,309
281.766
'21
Light & Power Co_ _ _ 1429 Intertype Corporation
Ry.,
Portland
Suburban System
1105
229,784
644,908
874,692
3
Iowa Falls Electric Co
3,585,85
1429
n
Ry
Rockford & Interurba
12 mos ending July 31:22
993
303,413
Co
Power
&
653.751
Heat
957,164
1211 Iowa Light,
21 4,323.137
Springfield (Mass.) Stieet Ry
1436
9,840 Tennessee Electric Power Co
19,199
1211 Kentucky Utilities Co
29,039
91,225
1216
_1105,
Huntington Devel July '22
Co.__
Wire
&
Steel
4,300
1322
Co..
Keystone
17,540
21,840
69,105
Toledo Traction, Light dr Power
'21
& Gas
162,298 Utah Power & Light Co
1430 Kissel Motor Car Co., Hartford,Wis. 993
227,016
389,314
12 mos ending July 31 22 1,124,401
983 (B) Kuppenheimer dr Co., Inc.,Chic-1329
290,845 Virginia Railway & Power Co
198,906
489,751
'21 1,194,277
1097
989 (The) Lake Superior Corp
133,344 West Virginia Utilities Co
62,744
828,874 2196,088
1216, 1319
Aug '22
Market Street
Laurentide Co
Co_ _1329
'21
Teleg.
&
Telep.
(Neb.)
Railway Co
Lincoln
Industrial Companies
846,020
503,454
984
8 mos ending Aug 31 '22 6,289,796 x1,349,474
Abitibi Power & Paper Co., Ltd_ _ _ _1323 Loose-Wiles Biscuit Co
994
21
'
1323 Los Angeles Gas & Electric Corp_ _
Albers Brothers Milling Co
251,838
_ _1329
_
Ltd_
184,477
Mines,
x446,315
7
Porcupine
1,567,56
McIntyre
'22
.1323
Aug
San
Francisco
Milwaukee Elec
Alaska Packers Assn.,
196,021
1329
172,020
z368,041
1098 Magma Copper Co
'21 1,443,628
Algoma Steel Corporation, Ltd
Railway & Light
1437
49 x5,919,196 2,427.663 3,491,533 Alliance Realty Co
1323 Marathon Paper Mills Co
12 mos ending Aug 31 '22 18,809,811
x4,611,872 2,039,196 2,572,676 American Agricultural Chemical Co_1097 Marconi Wireless Telegraph Co.,Ltd.
'21 19,310,4
994, 1436
66,127 Amelican Chicle Co., N. Y__ _ _986, 1207
82,055
148,182
456,331
Aug[22
Co
1106
New England
25.693 American Cyanamid Co
984 Martel Mills, Inc., New York
75,232
100,925
431,807
'21
Power System
644,938 American Druggists Syndicate
1098 Mexican Petroleum Co., Ltd.(Del.)_1318
899,170
1,544,108
12 mos ending Aug 31 '22 5,573,771
634,656 American Multigraph Co
991) Michigan Sugar Co.(Saglnaw,Mich.) 984
880,058
'21 5,543,418 1,514,714
994
1208 Moon Motor Car Co
55.972 American Public Utilities Co
118,545
321,579 b174,517
Aug '22
New York
1431 (J. W.) Murray Manufacturing Co_ _1106
98,107 American Railway Express Co
123,357
395,454 b214,664
987
'21
Cotton Co
Steam
Dock Co
Naumkeag
1427
_1323,
Co_
Mach.
Seeding
498.059
955,488
American
b1,453,547
995
8 mos ending Aug 31 '22 2,675,986 b1,756,3
991 New York Air Brake Co
787,073 American Telep. & Teleg• Co
969,308
81
1330
995,
'21 3,695,668
Co
1103 North American
5.174 Armour Leather Co., Chicago
995
163,922
158,748
788,504
,
Ohio Fuel Supply Co
Northern Ohio Elec Aug '22
1437
43,278 Associated Oil Co. (San Francisco 1213 Pacific Gas dc Electric Co
158,679
201,957
689,401
Corp (& constit cos) '21
Calif.)
324,068
0
1,313,26
1,637,328
1213 Pan-American Petrol.& Transp. Co_1318
Co
12 mos ending Aug 31 '22 6,039.044 1,411.50
Refining
Atlanta
996
145.279
6 1,266.227
991 Fennok 011 Co
'21 5,838,880
Atlas Powder Co
996
46,776 Babcock
170,701
1324 Phillips Petroleum Co
217,477
812,005
& Wilcox Co
Portland Railway July '22
37,280 Baragua
ggly Store, Inc., Memphis1107
175,685
Piggly-Wi
991
213,145
793,198
Co
Sugar
'21
1217
Light & Power
Co
Fuel
824,114
&
0
Gas
2,135,50
Pueblo
4
1432
4 2,959.61
Beacon Chocolate Co
1208
12 mos ending July 31 '22 9,927,19
1103 Radio Corp. of America
'21 10,090,673 3,091,789 2,080,559 1,011,230 Boston Consolidated Gas Co
_1217
46,598 Brady-Warner Coal Corporation_ _ _ _1214 Ramapo Ajax Corp ,New York _ _ _ 1098
38,956
84.654
223,168
Co
Iron
rown
Texas Electric Ry Aug '22
Rogels-B
55,894 Brooklyn Edison Co., Inc. (Brook39,534
95,428
235.064
1108
'21
984 Rosemat y Manufacturing Co
579,454
lyn, N. Y.)
5 1,044.764
465.310
1108, 1217
12 mos ending Aug 31 '22 2,715,77
1098 Salmon Falls Mfg. Co
815.250 Butterick Co., New York
474.878
1331
'21 3,157,300 1,290.128
on
Corporati
Car
Motor
25,240 Caddo Central Oil& Refining Corp 991 Saxon
1217
221,248
1,193.256 x246,488
Shawinigan Wate: & Power Co
Third Ave Ry Syst Aug'22 1,165,14
1331
221,297 def23,182 Canada Bread Co., Inc Ltd 992, 1432
3 z198,115
Corp
Oil
ted
'21
Consolida
987
Sinclair
Canada Steamship Lines,
63,282
3
1331
449.030
2,434,19
z512,312
'22
Co
Line
31
Ltd__ _1214, 1319 Sinclair Pipe
2 mos ending Aug
442,501 def38,965 Canadian Locom. Co.,
'21 2,411,322 2403,536
1324 (A.G.) Spalding & B os., N.Y.City.1131
Co., Ltd
Woolens
Canadian
190,491 Carlisle-Pennell Lumber Co., Atchi144,859
Spanish River Pulp & Paper Mills,1427
964,374 x335,350
Aug '22
United Gas &
1218,
154,406
141,202
Ltd
873,718 x295,608
1103
'2i
son, Kan.
Electric Corp
3 2,497,561 Carson
1,732,02
84
z4,229,5
01
Spicer Manufactu log Co poration__ 997
1214
12,056,5
Co
'22
Mining
Hill
Gold
31
Aug
1438
12 mos ending
8
Co
6
1,749.43
Mfg.
y
1,660,11
54
Sanita
x3,409,5
13
Standard
1433
'21 11,347,5
Chile Copper Co
111,853 Coca-Cola Co., Atlanta, Ga
986 Strombeig Ca buretor Co. of Ame:-1218
158,092
269,945
942,355
Aug '22
United Lt & Rye
Inc
,1,872
ica,
7
1325
159,297
Co
ut
Power
234,169
Connectic
863.810
'21
997
Co & Subsid
1,598,553 Consolidated Cigar Corp
992, 1325 Timken Roller Bea log Co
'22 11,380,480 3,533,498 1,934,945
Corp., New York_ _1207
12 mos ending Aug 31 '21
11,816.182 3,261,289 1,904,280 1,357,009 Corona Typewriter Co., Inc_ _1104, 1433 Todd Shipyaeds
ut)_ _ _ _1318
Connectic
(of
Co.
rington
Tot
_
_
1427
_
Cos_
Sub.
&
(Del.)
Co.
&
Cosden
income received.
1318 Traylot Engineering & Mfg. Co_ _ _ _1218
x After allowing for other
Crex Carpet Co., New York
984
are before deducting taxes.
1434 Union Bag & Paper Corporation_ _ _ _ 1218
b Net earnings here given
Crosby Transportation Co
s.
Railway
1325 Union Tank Car Co
Street
Co
Crucible Steel
New York
Subdc
Co.
Gypsum
1434 United States
- Cudahy Packing Co
-GrossEarnings- -NetEarnings
998
sidiary Co
Previous
Current
(Jacob E.) Decker & Sons, Mason
Previous
Current
1434 Universal Leaf Tobacco Co., Inc_ __ _1439
Year.
Year.
City, Iowa
Year.
Year.
1332
Boston
Co.,
s.
Winding
Companie
1104 Universal
g
Defiance Gas & Electric Co
S
998
1326 Utah Copper Co
228,337 Dennison Manufacturing Co
236,296
996,154
1,031,415
1326 Virginia-Carolina Chemical Co.,1206
aBkIn City RR (Rec)_ _ _Jtme 5,894,93
840,934 Dennison Manufacturing Co
4 1,359.751
5,630,72
8
30
Va
June
,
Richmond
Jan 1 to
1,158 (D.G.) Dery Corp.(Allentown,Pa.)1104
1109
-2.657
6,079
7,449
_June
985 Vulcan Detinning Co
aBkba Heights
-705 (The) Detroit Edison Co
998, 1427
-1.875
36,510
43,915
30
1326, 1434 Wabasso Cotton Co., Ltd
(Rec)_Diamond Match Co
Jan 1 to June
1333
Co
54,510
Refining
10,129
213,477
1105 Warner Sugar
Motors, Inc
_June 216,775
Bkln Q Co & Sub (Rec)
172,383 Earl
1326 West Boylston Manufacturing Co-_ _1219
1,284.073 1,078,121
Eastern Cuba Cane Sugar Corp
• 258,345
_1110
Co_
Electric
Jan 1 to June 30
&
Water
Milli).
Vit
West
1435
91,093 Federal Mining & Smelting Co
70,204
267,507
271,618
998
1215 Wheeling Electric Co
Coney Isl St Bkln (Rec)_June 1.381,35
260.439 Fisher Body Corporation
381,854
1 1,313,514
1219
1215 Wickwire-Spencer Steel Corp
Jan 1 to June 30
5,844 Fisher Body Ohio Co
7,965
16,294
_1426
_
_
Cos_
Sub.
17,443
dr
Co.
eriand
d_June
Willys-Ov
Gravesen
390 Ford Motor Co., of Detroit, Mich.
Coney Isl &
3,859
45.907
47,961
1105, 1215 Winchester Repeating Arms Co_ _ _ _ 1109
Jan 1 to June 30
115,316
123,577
416,152
451.026
ring Co_ 986 Yale & Towne Manufacturing Co...983
350,169 (H.H.)Franklin Manufactu
Nassau Electric (Rec)_ _June
653.571
2,503,465 2,294,376
Jan 1 to June 30
430.834
477.799
1,955,61.9 1,896,158
NY Consolidated (Rec)June11,688.691 11,040,717 3,177,329 2,211,380
Jan 1 to June 30
32,636
46,322
91,5t)1
111,042
June
123,432
South Brooklyn
198,724
445,148
529.512
Jan 1 to June 30
-7,580
57,123
847,788
824.322
bN Y Railways (Rec)_ _June 4,598,609 4,710,075
139,650 -120,691
Jan 1 to June 30
4,218
7,321
104,728
104,584
__June
RR_
Avenue
bEighth
595,356 -30,600 -94.423
611,699
Jan 1 to June 30
2
-124,62
-5,042
46.376
42,064
bNinth Avenue RR_ _ _ _June 26J ,005
272,520 -58,712 -157,480
Jan 1 to June 30
936.392
Interboro R T System
2,799.058 2,738,788 1,014.388
Subway Division_ ___June25.832,273 18,020,966 7,332,464 6,731,905
30
June
to
Jan 1
336,682
1
388,499
1,648,61
1
1.543.42
Elevated Division_ ..__June 9,365.674 10,041,577 2,465,410 1,915,865
Jan 1 to June 30
1,048
2,678
24,463
24,176
9,265
Manhat Bdge 3c Line_.._June
11,186
143.246
141,971
Jan 1 to June 30
-25,700
-229
91,005
89,849
Second Avenue (flee)_ __June 484.215
457,181 -34,524 -81,899
Jan 1 to June 30
-2,746 -47,567
114,578
C3,678
_June
_
County
N Y & Queens
616,631 -43.597 -210,529
581,1.178
Jan 1 to June 30
4,802
9,848
36,636
36,644
Long Island Electric_ _ _ _June 182,604
-6,674
22,291
169,977
Jan 1 to June 30
1,048
8,020
24,463
33,555
ec)_June
Manhat & Queens(R
12,074
32,001
160.720
182,321
Jan I to June 30
-66,130
15.798
143.103
127,493
une
NY&Harlem(CityLine).J
15.090
95,115
874,411
803,059
Jan 1 to June 30
54,109
-1,531 -10,024
50,884
N Y & Long Island_ _ _ _June 275,457
-59.644
278.450 -55,345
Jan 1 to June 30
74,205
17,621 -137,162
71,384
Blehm Lt & RR (Roc)_ _June 373,053
244,276 -24,425 -193,321
30
Jan 1 to June
g taxes.
after
are
deductin
earnings
net
Note.-All the aboveRR.
is no longer part of the Brooklyn Rapid Transit
a The Brooklyn City
with the
RR.
Co.
having,
Heights
Brooklyn
System, the receiver of the to continue payment of the rental; therefore,
approval of the court, declined
RR. has been operated by its owners.
City
Brooklyn
since Oct. 18 1919, the and Ninth Avenue RR. companies Nvere formerly
b The Eighth Avenue Railways Co., but these leases were terminated on
leased by the New York26 1919, respectively, since which date these roads
July 11 1919 and Sept.
-Deficit.
y.
have been operated separatel
FINANCIAL REPORTS.
ng is an index to all
Annual, &c., Reports.-The followi
railroads, street railways
steam
of
reports
other
and
annual
published since and including
and miscellaneous companies
26.
Aug.
monthly, does not include
This index, which is given
cle."
"Chroni
y's
to-da
in
reports
Delaware Lackawanna & Western Railroad.
(Annual Report-Year ending Dec. 31 1921.)
The preliminary figures for 1921 were published in the
issue of Feb. 23 last, page 854.
Pres. W.H.Truesdale, New York, June 1, reports in sub.:
lines
Results.-The year 1921 was one of readjustment and deflation in all genof activity throughout, the country, resulting, so far as the railroads
earnings,
erally were concerned, in a marked decrease in their traffic andto
control
which necessitated unusual efforts and measures on their part
expenditures for maintenance and operation, to the end that fixed charges
and dividends might be met.
extent,
Rates.-These efforts were measurably suceassful, due to a large
ally all the
however, to the maintenance throughout the year of substanti
made effective
increases in ratas authorized by the I.-S. C. Commission and
rates on agriin Aug. 1920, the only reductions of importance being in theabout
In part
tural products. These reductions, which were brought
of the Comthrough voluntary action by the carriers and in part by direction
then.
since
effect
in
d
continue
have
mission, became effective in Oct.1921 and
Labor Board
Wages.-The wage schedules established by the Railroad
Board, effective
effective May 11920, were very generally reduced by the
July 1 1921. This action also contributed greatly to the improved financial
condition of the railways during the last half of the year. and materials of
Decrease in Costs.-The decrease in the cost of supplies as a result of the
,
all kinds, especially locomotive fuel, used by the railways
bettering railway
general deflation in war prices, also was most helpful in
conditions as a whole.
from these
accruing
The company enjoyed its full share of the benefits
changed conditions.
ise
of
merchand
ation
transport
from
Gross Earnings.-Gress earnings
incidental revenue mere
freight. U. S. malls and express and its income from
losses were more
these
but
year,
g
in
the
precedin
than
less
ally
substanti
transportation of passengers,
than made up by the increased revenue from the
result that gross earnings
coal and milk and from other revenue, with
revenue from the operation
net
and
those
for
above
1920,
53
were $2,637,7
The large increase in
25.
of its railway increased in the stun of $8,664,1 part to the heavy tonnage
earnings from transportation of coal was due inthe
rates on coal,
increased
that
fact
the
to
moved, but to a greater extent
applied throughout the
which were in effect for only four months of 1920,
r transportation
passenge
from
earnings
in
The
increase
1921.
entire year
of this traffic
was also due to the same cause as stated above, as the volume
was about 6% less than in 1920.
from
various
g
income
operatin
to
additions
-The
Additional Income.
rentals, interest, additions and betterother sources, less deductions for
year
the
for
the
of
company
income
net
the
as
left
charges,
other
ments and
59 more than in 1920.
the sum of $19,158,403, or $4,499,9$2,000,0
00 of the additional income was
In connection with this showing,
of its guaranty of net
collected from the U. S. Government on account
revenue to the company during the 6 months following Federal control,
i. e., March 1 1920 to Aug. 311920.maintenance of way and structures
Expenses.-The expenditures for
the year 1920, as a result of which it
amounted to about the same as for
year 1921 that the comwas believed by the management at the close of the
had been fully restored to the
heading
pany's properties embraced in that
condition in which they were prior to Federal control.
SEPT. 30 1922.]
THE CHRONICLE
The striking decrease in transportation cost was due largely to the wage
reductions, and also to the reduced train mileage incident to the decline in
traffic. The increased efficiency of employees in engine, train and yard
service also contributed thereto. The reduction in quantity and cost per
ton of locomotive fuel was the largest single item in this decrease in transportation cost, aggregating nearly a million dollars. The reduction in claims
paid for lost and damaged freight, I. e., $220,631, is noticeable and is most
encouraging, as it indicates a better control of conditions that contribute
to such expenditures.
Maintenance of Equipment, &c.-The foregoing, it may be said, applies
also to the maintenance of the company's equipment with the exception
of its freight cars, which, generally speaking, were returned to the company
after Federal control in very bad condition, requiring extensive repairs to
safely and economically handle the company's large freight traffic.
In order to secure the repair of this equipment as quickly and economically
as possible, it was found necessary and advisable to contract with outside
car-building companies for the repairing of several thousand cars in addition
to those which the company's car repair shops could rebuild. This involved
an unusually large expenditure, most of which was made during the past
year. The balance of this bad order equipment will be repaired and in
first-class condition by about July 1 (1922),
The locomotives, passenger cars and floating equipment of the company
all have been kept in good repair, and at the close of the year were in serviceable cpridition, as were also its shop machinery, tools and equipment.
The decrease of about $455,000 in the total cost of maintenance of equipment was due to the general reduction in cost of materials used, the lower
wages established and the higher efficiency of labor that has been brought
about by the efforts of those in charge of this branch of the co's activities.
Number of Employees.-The total number of employees in 1921 averaged
23,999 as compared with 25,196 in 1920. The decrease in the total amount
of the company's pay-roils for 1921 as compared with 1920 was $7,374,201
Settlement with Director-General.-Company made a satisfactory settlement during the year with the Director-General of Railroads of the various
claims for amounts due it on account of the operation of its railway properties while under Federal control.
Guaranty Period.-No final settlement has yet been made with the I.-S.
C. Commission of the amounts due the company under the Transportation
Act of 1920 for the guaranty period.
Tax Accruals.-The increase of $772,281 in tax accruals charged against
income is significant of the tendency in recant years of all taxing authorities
to increase this burden of taxation on the railways, as on all other property
owners. The total amount of taxes accrued by the co epany for 1921 was
about 17% over those for the year 1920, and $3,251,234, or nearly 158%,
over those for the year 1914.
Additions and Betterments.-The expenditures from income during the
year for additions and betterments amounted to $1,105.554, or $1,404,124
less than in 1920. This was due in part to less work of this character
being undertaken during the year, owing to decreased traffic, and in part
to a change in the practice of the company as respects its accounting methods, whereby expenditures on leased lines on capital account, as defined by
the rules of the I.-S. C. Commission, are being charged up against said lines
as advances for which, under the terms of the leases of these lines, this company will be entitled to receive securities to be placed in its treasury for such
use as it may (Toren necessary in future.
Segregation of Coal Properties, &c.-The company during the year divested
Itself of its coal mining properties [to the Glen .Alden Coal Co. for $60,000,0001 and readjusted its capitalization by the increase [of $45,000,000]
and distribution to its stockholders of Its capital stock [as a 100% stock
dividend]. (Compare V. 112, p. 219, 1740; V. 113, re 5311
Grade Crossings.-The elimination of grade crossings through East Orange.
N. J., was undertaken early in the year. The work has been prosecuted
vigorously and it is expected it will be completed early in the autumn of the
present year. Other similar work of less important character was completed during the past year.
Improvements of this nature are of greater value to the company than
ever before, owing to the increase in the use of automobiles in recent years
and the carelessness with which many of them are driven. Statistics as to
casualdes, both in number killed and injured, resulting from the reckless
use of automobiles on the streets and country highways and over railroad
grade crossings show a most appalling disregard of human life.
Management.-M. Taylor Pyne and Henry A. C. Taylor, members of
the board for 25 and 32 years. respectively, died during the year. By reason
of the requirements of the Clayton Act relative to interlocking directorates,
during the last days of the year George F. Baker, William Rockefeller and
Harold S. Vanderbilt tendered their resignations as members of the board
of managers. Mr. Baker and Mr. Rockefeller had been members of the
board for over 20 years.
General.-The earnings of the railways of the country under the provision
of the Transporta.ion Act of 1920 have not met the expectations of their
owners, especially as respects their earning the average of 6% on their
valuation. This was due to several causes, chiefly, however, to the widespread depression in business throughout the country in the year 1921. At
the present time conditions in this respect are better and apparently improving steadily from day to day.
At this writing the strike of the coal mine employees throughout the
country, in both bituminous and anthracite mines, has curtailed production
very materially and, of course, reduced the earnings of the railways on these
commodities. It is the general feeling at the present time that this strike
may last through the summer. [The strike came to an end Sept. 3 see
V. 115, p. 1162.1
If it does the earnings of this company from the transportation of coal will show a'serious decrease, in both gross and net, from
last year.
As a result of much complaint from all seztions of the country of the
existing rates on both freight and passenger traffic, and appeals to the I.-S.
C. Commission for reductions therein, the Commission required the making
of substantial reductions in the present tariff rates on freight, effective
July 1 (V. 114, p. 231). The Railroad Labor Board, in response to the
applications of the railways, authorized reductions in the wages of all classes
a railway employees
which offset, in great measure, the reductions in the
revenues of the railways as same have been directed by the Commission.
[V. 114, p. 2432, 2541, 2784.
As a result of wage reductions members
of the shop craft organizations went out on strike July 1 last. The"Chronicle" has presented the facts of the strike situation from week to week ever
since. At the present time several of the roads are making individual
agreements with the strikers on the basis of Warfield-Willard-Jewell agreement at Baltimore.-V. 115, p. 1282, 1283; 1394, 1395.-Ed]
The many difficulties and problems connected with the railways of the
country growing out of and following the great war seam to multiply each
succeeding year rather than to decrease, as those responsible for their successful management had hoped for and in a measure been led to expect.
The regulation of so great a proportion of the activities of the railways
as is now required by legislation, both national and State, enacted in recent
years does not seem to have resulted satisfactorily to the public they serve,
the rank and file of their employees, the law makers and administrators or
the security holders, and as a result of these conditions those charged with
the management of these groat properties must necessarily feel much discouraged over their apparent failure to meet the requirements of all these
varied interests.
The ultimate outcome of this paradoxical situation is most difficult to
forecast, and the remedy for the cure or alleviation of same equally impossible to definitely prescribe.
It certainly would seem possible that in the not distant future some man,
or a coterie of clear-headed, broad-minded, patriotic men, who can inspire
the confidence of a large majority of the best elements ofour citizenship will,
under some form of organization, take up this great problem, make a careful, exhaustive study of it for a year or two and formulate a permanent
policy for the future administration and operation of the transportation
facilities of the country that will meeet fully the expectations and requiremeats of our people without the everlasting, never-ending and unsatisfying
enactment and enforcement of new laws, many of which, as we note from
Year to year, are contrary in their provisions to those already in effect and
only serve to further complicate conditions now most difficult and perplexing.
STATISTICS OF OPERATION.
1919.
1918.
1920.
1921.
Average miles operated_
980
980
980
980
Earn, per freight tr. mile
9.24
$7.58
$10.54
Earn, per pass, train mile
2.68
$
52
9..9
511
$2.94
Average train load (tons)
819.71
29
0
814.25
810
2..3
738.66
Rev, freight card (tons) 24,673 802 28,315,359 25,982,548 30,372,737
Net revenue ton miles_ _4454205:65
5166315,007 4830065,815 5574773,609
2
Aver.rev. per ton mile__
1.07c.
0.90c.
1.17c.
1.43c.
Passenger TrafficPassengers carried
28,991,888 30,612,506 27,281,789 24,623,034
Pass. carried one mile_ _656 097.874 698,358,572 643,253,978 604,647,645
Rate per pass. per mile....
1.99c.
1.92c.
• 1.85c.
2.20c.
1529
STATEMENT OF OPERATIONS OF TRANSPORTATION PROPERTY
FOR CALENDAR YEARS.
[Including 26 months, Jan. 1 1918 to Feb. 29 1920, under Federal control,
with guaranty to Aug. 31 1920.1
Revenues1921.
1920.
1919.
1918.
Coal
$26,606,299 $20,228,484 $19,055,523
Merchandise freight_ __ _ 36,970,445 40,132,599 32,839,878 $19,009,846
31,287,554
Passenger
14,438,161 13,868,516 12,380,787 11,204.813
Mail
892,599
587,733
295,407
292,962
Express
1,465,114
1,009,055
1,465.310
1,397,034
Milk
1,974.035
1,742,336
1,380.639
1,253,724
Other revenue
2,827,514
2,944,928
2,581,721
2,406,994
Incidental revenue
2,182.899
1,447,159
1,824,781
1,887,149
Total
$85,977,815 $83,340,061 $71,824,047 $68,740,076
ExpensesMaint. of way & struct_$10,022,415 $10,178,887 $7,682,365 $5,552,541
Maint. of equipment_ _ _ 19,053,845 19,508,625 15,132,815 13,337,602
Traffic expenses
1,086,074
1,305,321
495,947
664,088
Transportation expenses 34,819,694 40,165,381 30,661,441 28,613,367
Miscellaneous operations
991,656
685,098
726,926
547.292
General expenses
2,039,185 y1,918,854 x1.368,204
1,219,107
Transportation investm't Cr.53,500
Cr.8,748
Cr.2,446
Cr.8,314
Total expenses
$67,872,058y$73,840,728x$56,065,250 $49,925,684
Net rev,from operation..$18,105,757 $9,499,333 $15,758,796 $18,814,391
Less tax accruais
3,416,868
5,312,066
3,449,429
2,941,212
Less uncollectibles_ _ _ _
2,810
12,295
21,955
19,274
Operating income.._ _ _$12,781,395 $6,079,654 $12,287,411 $15,853,905
x Does not include $305,033 corporate expenses year 1919. y Does not
Include $57,701 corporate expenses Jan. and Feb. 1920.
STATEMENT OF OPERATIONS FOR CALENDAR YEAR 1921, COMPARED WITH COMBINED CORP. & FED'L FOR YEAR 1920.
Increase (-I-) or
1920. Decrease(-).
1921.
Total operating revenues
$85,977,815 $83,340,062 +32,637,753
Total operating expenses
67.872,058 73,898,430 -6,026.372
Net revenue from operation
$18,105,757 $9,441,632 +8,664,125
Railway tax accruals
4,539,785
5,312,066
+772,281
Uncollectible railway revenues
2,810
12,295
+9,485
Operating income
$12,781,395
Additional IncomeJoint facility rent income
$138,900
Hire of equipment-Cr. balance
364,136
Income from unfunded secur. & sects_
699,208
Miscellaneous rent income
251,418
Miscell. non-oper. physical property_
94,190
Dividend income
444,065
Income from funded securities
771,650
Miscellaneous income
392
Income from sinking & oth. res. funds
1,038
Income from lease of road
442,443
Revenue prior to Jan. 1 1918
Dr.4,656
Depletion of coal deposits
1,648,955
Earnings coal department
6,626,405
Guaranty period income
2,000,000
Gross income
$26,259,539
DeductionsRentals of leased roads
$5,356,540
Interest from funded debt
6,142
Rental New York piers
351,121
Sundry additions and deductions__ _ _
268,789
Additions and betterments
1,105,555
Interest on unfunded debt
16,857
Expenses prior to Jan. 1 1918
Cr.3,869
Dividends declared
34,899,037 +$7,882,359
$137,887
+$1,013
Dr.112.655
+476,792
821,903 -122,696
304,024
-52,606
110,668
-16,478
386.756
+57,309
725,130
+46,520
Dr.56,860
+57,252
400
+638
3,249,379 --2,806,936
168,546 -173,202
2,018,593 -369.637
6,503,942
+122,463
5,124,500 -3,124,500
$24,281,249 +31,978,290
$6,128.996 -$772,455
6,156
-14
973,906 -622.786
Dr.156,642
+425,432
2,509,679 -1,404,124
49,409
-32.551
111,301 -115,169
319,158,403414,658,443 +34.499.959
8,444,110 +5,066,466
13,510,576
Balance, surplus
$5,647,827 $6,214,334 -$566,506
x To afford, as far as possible, a correct basis for comparison, the operating
results of the U. S. RR. Administration for the months of Jan. and Feb.
1920, together with overlapping items relating thereto, are included with the
operating results of the company for the 10 months of 1920, resulting in an
increase in this item of $983,335 over the actual net income of the company
as shown for the year 1920 (see other table).
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING DEC. 31 1921.
Balanceforward from '20370,106,729 Divs. declared & paid_ _$13,510,576
Adjustment account sale
Stock dividend declared
of coal property
and paid (100%)
58,636.076
42,220,550
Add'ns & bett'ts through
Miscellaneous appropriainc. & surplus-transf_ 24,957,549
tion of surplus
166,596
Net income for year 1921 19,158,403
.
Total
$55,897,722
Total credits
1172,858,757 Bal. credit Dec. 31 1921_116,961,035
GENERAL BALANCE SHEET DEC. 31.
1921.
1920.
1921.
1920.
Assets$
$
Liabilities$
Invest. In road_ 45,548,459 45,129,781 Common
stock_ 87,277,000 42,277,000
Invest.in equip.. 37,193,731 36,584,692 Prem.
70,720
on cap.stk.
70,720
Impt. on leased
dt. unmat
320,000
320,000
railway prop_ 14,712,420 14,063,809 Fund,
Loans&bills pay.
24,000
Misc. phys. prop 2,262,020 4,367,711 Traf.
& car serv.
Inv. in Will.cos.:
bals. payable_ 1,959,058 2,316,255
Stocks
10,704,837 10,215,446 Audited accts. &
Bonds
2,271,588 2,260,623
wages payable 4,263,335 7,709,125
Notes
4,088,299 1,576,483 Misc.accts. pay.
8,813
61,986
Advances_
750,442 2,616,689 Int. mat. unpaid
3,182
3,230
Other investm'ts118,936,513 37,594,369
mat.
unp'd
Divs.
17,879
18,327
Cash
4,549,045 4,239,169 Unmatured diviLoans & bills rec.
3,369
dends declared 6,755,288 2,111,027
3,112
Misc. accts. rec_ 3,024,802
Unmat.rents accr 1,449,832 1,673,212
Mans & supp__ 5,297,303 10,125,217
52,465
6,464,252 0th. cur. Habil_
106,145
Net bal. rec. fr.
52,833 55,074,797
Defer. liabilities
agts. & cond.. 1,073,083 1,024,931 Tax
liability__ 3,640,636 2,781,718
Deferred assets..
59,201 56,581,480 Insur., &c., res
189,728 1,175,102
Unadius. debits 3,806,342
691,837 Accr.depr.,equip. 21,296,697 19,200,637
0th. unadi. cred. 6,558,028 1,535,209
337,626
40,089
Oper. reserves__
Add'ns to prop.
thr. inc.dcsurp. 3,087,297 26,939,291
Profit and loss_ _116,961,035 70,106,729
Total
254,301,454 233,544,600
254,301,454 233,544,600
Total
-V. 114, p. 1890.
Montreal Tramways Co.
(Annual Report for Fiscal Year ending June 30 1922.)
Pres. E. A. Robert, Aug. 21, reports in substance:
Results.-The gross
received by the company after providing for
all operating charges revenue
under the provisions of the contract amounted to
$2,377,418, which, added to he other revenue received outside the contract of $64,061, makes a total gross revenue for the year of $2,441,479.
The expenses amounted to 1,917,475, leaving a net income of 3524,004,
from which there has been declared four quarterly dividends of 25,i% each,
amounting to $397,432, leaving a balance carried to the credit of the general
surplus account of 3126,572, which, added to the amount of $916,709 at
the credit of this account last year, makes a total of $1,043,281, from
which there has been appropriated the sum of $198,388 on account of the
two remaining deferred dividends paid during the year, leaving a balance
at the credit of the general surplus account of $844,893.
Frnancial.-For the first time since the coming into force of the contract,
viz., Feb. 10 1918, the revenue has been sufficient to meet the requirements
of the contract for the year and to provide a surplus of $187,948. The
surplus has been applied to the reduction of the shortage accruing from
previous years, which amounted to $1,967,834, leaving an accrued shortage
1,530
THE CHRONICLE
amounting to 31,779.887 at the close of this year, which consists of accruals
for city rental and the contingent reserve fund as provided under the terms
of the contract, which amounts are payable only when the revenue received
by the company is sufficient to pay these charges after payment of all
prior charges.
Issue of Bonds.-During the year the company disposed of $1,750,000 5%
30-Year gold bonds (see offering in V. 113, p. 2405).
Redemption of Underlying Bonds.-During the year company redeemed the
balance outstanding of two issues of its 4 % underlying bonds maturing
on May 1, aggregating 32,688,953. Of this amount, $763,700 was for the
balance outstanding of the issue of $1,500,000 Canadian currency bonds
and $1,925,253 for the balance outstanding of the issue of .e460,000.
Guarantee Fund.-Under the terms of the contract the company has to
provide from its own funds a guarantee fund amounting to 500,000, in
amounts of not less than $100.000 per yaar. The sum of $100,000 has been
paid into the guarantee fund since the close of the fiscal year, making
$400,000 now in the fund, according to the terms of the contract.
Dividends.-During the year company paid its usual quarterly dividends
on its Common stock, at the rate of 25i% per quarter, and also paid the
remaining two quarterly dividends in arrears for the quarters ended June 30
1919 and Sept. 30 1919.
In the comparative income account published in V. 115,
p. 645, the reported deficit of $187,948 for the year 1921-22
should read surplus of $187,948.
BALANCE SHEET JUNE 30.
1921.
1922.
1921.
1922.
Liabilities$
$
Assets-70
3,891,310
Common
stockx3,993,1
Cost of road and
43,508,262 43,211,979 Debenture stock_a17,150,000 17,150,000
equipment
1st & Ref. M. 5s.. A8,085,000 17,335,000
First & Refunding
Underlying bonds
Mortgage 5s in
and mortgages... 584,843 3,273,796
1,000,000
treasury
266,138 Loans & notes pay. 910,000
268,138
Investments
540,370 Accounts & wages_ 1,080,727 1,278,185
575,738
Accts. receivable
243,130
772,832 Accrued interest__ 224,452
538,399
Stores
380,910
39,971 Unred'm'd tickets_ 442,021
124,548
Cash
572,699
Suspense account_ 587,675
City rental paid In
165,940 Maint.& renew.res. 210,964
advance
609,485
Financing allow'ce 439,558
Underlying securi97,287
99,864
Div. pay'le Aug. 1
ties redemption
3,362 Dueacct.cityren tal
3,362
fund
200,000 & co nt. res. id.. 260,749
Guarantee fund__ _ 300,000
600,000
170,939 Capital reserve__ _ 600,000
Suspense account_ 220,287
23 019
22,818
MiscelIgneous ____
916,709
844,893
Surplus
45,536,734 46,371,531
Total
45,536,734 46.371,531
Total
x There is also $6,830 Common stock unpaid and subject to call, making
the total issue $4,000,000.
Note.-The contract provides that the city shall receive out of gross
revenues a sum of $500,000 per annum and that there shall be paid annually
into a contingent reserve fund 1% of the gross revenues until such fund
since
shall amount to $500,000. There has accrued to the above accounts
the commencement of the contract to Juno 30 1922: for the City of Montreal, $2,192,694; for the contingent reserve fund. $458,102; total, $2,051,amounts will be
096; less earned to date,$871,209,leaving $1.,779.887. which
paid when sufficient revenues are received from operations of the contract.
a This includes amount due on shares not yet exchanged.-V.115, p. 645.
Producers & Refiners Corporation.
(Results for Six Months Ended June 30 1922.)
CONSOL. STATEMENT OF INCOME & PROFIT & LOSS FOR 6 MOS.
ENDED JUNE 30 1922.
& expenses,
Gross operating revenue, $5,411.065; oper. costs
33,827.247; depreciation & amortization, $269.096; profit $1,314,722
from operations
128.170
Other income credits
$1,442,891
Gross income
Interest expenses, $293,582; Fed. taxes for 6 mos. (estimated),
323,582
$30,000; total
$1,119,309
Net profit
12,991,360
Surplus Dec. 31 1921
$14,110,669
Total surplus
Dividends paid,$103,668;surrendered leases & abandoned wells,
deduction
$62,500;
contingencies,
for
provisions
$752,006;
$1.023,511
from book value-Hudson Oil Co.. $105,337; total
Surplus (before providing for depl. & after incl. surplus of
413,087,158
$10,657,503 from appreciation of properties)
CONSOLIDATED BALANCE SHEET (INCLUDING SUBSIDIARIES).
J'ne
30'22. May 31'21.
J'ne 30'22. May 31'21.
Liabilities-$
Assetsnon-cony.
7%
Cum.
14,893,108
011&gasleaseholdsz.23,865,082
Preferred stock_z2,854,350 2,961,950
Equip., inv., let.,
Common stock_ _a18,269,900 17,004,790
tank cars, pipe
y7,851,662 12,509,115 Int. of min. st'klines, &c
119,664
holders in sub cos 140,527
855,935
Good-will
18,289 1st M. 10-yr. 8%
Inv, in ass. oil cos 3,035,853
sink, fund bonds 4,730,000 3,000,000
30,700
Cash for red. bds_
123,750
11,870 6% equip. tr. notes
Cash in escrow..
953,864 Perch. money &
1,537,331
Inventories
def. obligations_ 603,241
394,561
54,730
Notes receivable
1,048,104
968,160 Depreciation res.
Accts.receivable 1,076,850
37,500
15,499 Bank loans
Miscell. assets_
791,984
645,823 Trade accts. pay 1,333,840
Market. securities 188,783
Due to assoc.oll cos 186,878
Cash with trustee '
Accr. int., wages
for mortgage__ _ • 742,566
98,900
129,576
& taxes
Cash in banks and
728,275 1,636,698 Doubtful accounts,
on hand
rec
101,000
Current acct. with
Prey.
60,000
&c.,for Fed. tax_ 143,177
MM.companies_ 1,025,811
76,500
48,736
743,594 Prey. for conting_
599,069
Deferred charges
Surplus
13,087,158 7,431,702
(Vol,. 115.
TEN-YEAR STATEMENT OF SUB. COS. OF KY. SECURITIES CORP.
Gross Earns. Gross Inc. Fixed Ch'ges. xSurplus.
Year393,935 ,
4195.116
4989.051
$714,533
1912
225,268
146,049
371.318
772,825
1913
156,600
245,184
401,784
814,294
1914
237,230170,285
407,515
839,917
1915
245.576
196,152
441,728
879,891
1916
207.068
264,496
471.564
951,829
1917
158,899
302.454
461,354
1,066,628
1918
196,186
322,093
518,279
1,187,381
1919
263,033
381,100
644,133
1,401,411
1320
237,882
390.167
628.049
1,562,515
1921
338,013
430.186
768,199
1,549,242
1922
x Available for depreciation holding co. dividend and expense.
CONSOLIDATED BALANCE SHEET JUNE 30.
1921.
1922.
1921.
1922.
s
$
Liabilities$
$
AssetsPref. stk.,6% turn 2,271,598 2,179,620
Property, equip.,
Common stock___ 2,052,288 2,052,288
franch.,&c.(less
depreciation)___ 8,195,931 8,034,801 Ky. T. & T. Co.
2,235,000 2,327,000
1st Ref. 55
368,411
Inv.-Bds & stks_ 388,411
Lex. Ry. 1st M.5s 1,038,000 1,085,000
Sink. fd. cash &
lien
1st
Util.
Lex.
3,000
22,703
Interest reedy__
941,900
1,549,600
& ref. 6s
Bds. of sub. cos.
85,715 B. G. T. 1st M 5s,
450
in treasury
210,000
204,000
due 1934
48,033
62,736
Cash
65,557 Ky. T.& T. Co.65,906
Accts.& notes rec_
80,230
Car Tr. notes__ _
105,034
Mat'ls & supplies_ 113,699
196,000
36,281 Geo. & L. 1st M.5s
30,333
Prepd. open exp__
459,348
407,931
L'ns dv notes pay
Excess cost over
10,250
19,575
&c
dep.,
Cust.
par of cap.stk. of
114,256
46,228
Accts. payable__ _
sub. cos. held by
15,615
30,688
acct._
paving
Def.
1,168,382
1,168,382
Corp__
Sec.
Ky.
103,476
301,130 Accr. int. & taxes_ 120,977
Bd.disc. & expense 462,636
55,649
58,428
Res.for injuries,&c
Accr. diva. on pref.
32,694
34,074
stock
130,777
45,172
Pref. div. scrip_ _ _
Ky. T. & T. Co.
75
75
minority int_ __ _
299,618
300,102
Surplus
10,491,187 10,216,346
Total
10,491,187 10,216,346
Total
Note.-Contingent liability: notes receivable discounted, $5,500.V. 115, p. 1429. 1321.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Lehigh Valley RR. Bars Freightfor Four Days.-To break freight congestion, all freight but that specifically mentioned in 1.-S. C. Commission
priority orders will be barred from road. "Times" Sept. 28, p. 34.
Road Executives Oppose I.-S. C. Commission System of Interchangeable
Mileage Books.-"Times" Sept. 28, p. 33.
I.-S. C. Commission To Resume Hearings on Consolidation of Roads in
Southeast.-"Evening Post" Sept. 27, p. 11.
Control of Chinese Eastern Ry. To Be Abolished by Japan and U. S. Governments.-Under terms of agreement Chinese Government may be responsible
for continued operation. 'Times" Sept. 26.
Syracuse Street Car Fares Reduced from 8 to 7 Cents, Effective Oct. 1."Philadelphia News Bureau" Sept. 22, p. 3.
Sept. 16 were
Car Loadings.-Freight loadings during the week ended
week when, how945,919 cars; this exceeded by 113,175 cars the previous Day.
Compared
ever, loadings were reduced by the observance of Labor Loadings during
with the week of Sept. 2,it was an increase of 14,321 cars.
week
corresponding
the
of
the week of dept. 16 were 93,367 cars in excess
in 1920.
last year, but 45,247 cars below the corresponding week
were:
9
Sept.
ending
week
for
total
with
compared
Principal changes
since April 1
Coal, 172,241 cars (the largest number during any one week
and
last, when the miners' strike began), increase 32,671 cars; merchandise
cars.
567,807
products),
manufactured
miscellaneous freight (including
4,358; forest
Increase 66,034: grain and grain products, 52,090 cars, increase
cars, increase 5,417:
products, 57,371 cars, increase 5,465; live stock, 34,929
decrease 540.
coke, 8,188 cars. decrease 230; ore, 53,293 cars,
ComMatters Covered in "Chronicle" Sept. 23.-(a) Inter-State Commerce
mission issues new priority order and cancels old one, p. 1392. (b) Federal
(c)
Judge Wilkerson to decide strike injunction suit Sept. 23, p. 1393.
Attorney-General's statement on Government's application for injunction
in
hearing
at
testimony
unions'
Railroad
against shopmen, p. 1393. (d)
injunction suit against shopmen, p. 1393. (a) House Judiciary Committee
Attorneyagainst
charges
impeachment
on
hearing
votes to postpone
Genera! Daugherty, p. 1394.
(f) New York Central Lines settle strike with shopmen; Lehigh Valley
&
and Delaware & Hudson refuse, p. 1394. (g) Chicago Burlington
Quincy adopts independent agreement with new employees-Other roads
prosettle with striking shopmen, p. 1394. (h) Ontario & Western rejectshave
posal of negotiations, p. 1395. ci) Nineteen roads and subsidiaries
settled with shopmen, p. 1395. (j) Canadian railroad shipmen to negotiate
separate agreements with roads, p. 1395. (k) Agreement reached by Penn1395- (I)
sylvania RR. with enginemen and train service empioyees, P.agreements
Western roads to confer with conductors and trainmen on new
with
Oct. 2, p. 1395. tin) Trainmen and conductors renew agreements
Pennsylvania and Lehigh Vahey roads, p. 1395.
New
(n) The Hague Rules, 1921, regarding bills of lading analyzed by
York Board of Trade and Transportation, p. 1396.
for
(o) Louisville & Nashville RR. 1st & Ref. Mtge. bonds are ineligible
investments by New York State savings banks, p. 1396.
Total
41,592,647 32,790,580
41,592,647 32,790,580
Total
Contingent liability for notes receivable. Discounted $689,151.
Alabama Traction Light & Power Co.-Earnings.of co. for Capital
formation
at
acquired
x Includes oil and gas leaseholds
to co. and sold $3,982,231.
Results for Month and 12 Months ending August 31.
stock $15,446,540. less proceeds of stock donated
1922-12 Mos.-1921.
1922-Aug.-1921.
leaving $11,464,309; purchased since for cash, 41,738,270; option (balance
of
due
$361,855 $5,004.222 81,503,576
leases
Gross earnings
$452,603
due if and when exercised, $95.000) $5.000; appreciation
2,220,591
2,404,037
174,666
227,477
to "discovery" appraised value, $10,657,503. y Includes equip. in wells Oper. axps. & taxes_ _
(incl. exp. of drilling). *2,970,012; field investments at cost, $766,167;
$2,282,985
$2.600,185
$187,189
Net earnings
$225,126
refineries, tank cars and pipe lines at cost, $4,763,719, and miscell. equip.,
-V. 115, p. 430, 307.
$548,573.
z 7% Cumulative, non-cony. Pref. stock authorized, 60.000, shares
Interest.Algoma Eastern Ry.-March 1 1922which
0(850 each,$3,)00,000-issued, 53,289 shares of $50 each and 18,990 shares
had been deferred
It is announced that interest due March 11922.1.-V.
of $10 each. a Common stock auth., 540.000 shares of $50 each, $27,115, p. 1099.
Oct.
and
54,215 shares of $10 each; on the 1st Mtge. 5% bonds, will be paid
000,000; issued, 355.218 shares of $50 each,
less in treasury 3,315 shares of $10 each.-V. 115, p. 1437, 1330.
uction.Atchison Topeka & Santa Fe Ry.-Constr
company to construct and
The I.-S. C. Commission has authorized the County,
Kentucky Securities Corporation and Subsidiaries.
as follows:
Okla.,
operate two branch lines of railroad in Osage
(Kentucky Traction & Terminal Co., Lexington Ice Co., Inc., Lexington (1) a branch beginning at a point on the company's railroad 1.7 miles north
a
through
DoNoya,
Utilities Co., Inc.)
direction
of Burbank and extending in a northeasterly
at DeNoya Junction, and
distance of 6.24 miles; and (2) a branch beginning
(12th Annual Report-Year ended June 30 1922.)
644.
1099,
P.
115,
-V.
miles.
2.97
extending in an easterly direction
The text will be cited another week.
CONSOLIDATED INCOME ACCOUNT YEARS ENDED JUNE 30.
[Kentucky Trac. & Term., Lex. utilities, Lex. Ice and Blue Grass Parks Cos.]
1920.
1921:
1919.
1922.
Grossearns.(incl.oth.inc.) $1,549,242 $1,562,515 $1,424,113 $1,187,381
934,466
779,981
669,102
781,043
Operating expenses
$628,049
$644,132
$518,279
$768,199
Gross income
390.167
381,100
322,093
430.186
Fixed charges
$237,882
$263,032
$196,186
$338,013
Net income
27,963
27.152
Holding co. exp. (net)
Surplus avail,for divs.,
$209,919
3263,032
3196,186
depreciation, &c__ - $310,861
Baltimore & Ohio RR.-Purchase of Stock.-
company to acquire control
The 1.-S. C. Commission has authorized the
Ry., by purchase of its $50,000 capital
of the Indian Creek & Northerncompany
with the Monongahela
connects
Indian
stock. The road of tho
rights, and extends in a northRR., over which the B. & 0. has trackage
Indian Creek, 2.6 miles.
westerly direction from Lowsville up by
the New England Fuel & TransThe Indian company is controlled
capital stock of the Indian comportation Co., which owns all the $50,000
of its railroad.
construction
the
for
funds
the
advanced
pany, and
Now England company made a
the
and
0.
On May 24 1921 tne B. &
to buy all the capital stock of the
contract by which the B. & 0. agreedamount
equal to the actual construcIndian company and to pay therefor anand in addition
thereto, 10% of the
tion cost of the road and equipment,
SEPT. 30 1922.]
THE 01IRONICLE
construction cost, excluding the cost of equipment, for overhead and administration expenses, plus interest on advances during construction, partly
atIthe rate of6% and the remainder at a rate not exceeding 7%. The Ne
England company agreed to surrender to the Indian company for cancellation evidences of all the outstanding debt of the latter company which is
not funded under the provisions of the contract. The cost of the line, as
ascertained. including the 10% allowance for administration expenses, is
$733,977.
By the terms of the contract the B. & 0. agreed to pay $50,000 to the
New England company at the time of signing the agreement. The New
England company agrees to accept in Payment the obligations of the
B.& 0.for $500,000, payable at the rate of $100,000 a year, beraing interest
at rate of 73i% Per annum, with the option to the B. & 0. to anticipate
payment in whole or in part at any annual period; such obligations to be
secured by the pledge of all the capital stock of the Indian company. The
remainder of the purchase price is to be paid in cash upon the approval of
the transaction by the L-S. C. Commission.
As an alternative method of paying and securing $500,000 of the purchase
price, the New England company, at the request of the B. & 0.and provided it can be legally done, agrees to cause the Indian company'to fund the
advances for construction made to it by the New England company, by the
issue of $500000 of bonds, payable at the rate of $100,000 a year, bearing
interest at the rate of 7%% per annum, with the option of payment in
whole or in part at any annual period, and to be secured by a first mortgage
upon its railroad and property; and will cause stock to be issued at par for
the remainder of the Indian company's indebtedness to it.
In such alternative, the sale shall include all the additional stock, the
price to be paid to be the same as ascertained above and to be paid in the
same manner, except that as to $500,000 of such price the New England
company shall retain the $500,000 of bonds of the Indian company; the
payment of the principal and interest of the bonds to be guaranteed by the
applicant, and such guaranty to be secured by pledge of all of the capital
stock of the Indian company. It has not been determined which plan of
payment will be adopted.-V. 115, p. 1317, 987:
Brooklyn Rapid Transit Co.-Adds New Cars.The Transit Commission order requiring the company to improve the
service on its lines by the addition of 100 cars daily became effective
Sept. 24. This order was to have become effective Aug. 15, but had
been suspended because of the coal shortage. A further increase of 35
trains a day will be required by a second order due to become effective
on Nov. 15.-V. 115, p. 1428.
Cape Fear Ry., Inc., Fayetteville, No. Caro.-Officer
Alan Turner has been elected Secretary and Treasurer, succeeding
A. G. Bradley.-V. 113, p. 2818.
Central Illinois Public Service Co.-New Plant.It is stated that the company will soon call for bids for the erection of a
new power plant on the Mississippi River, near Grand Tower, Ill., estimated to cost about $2,000.000, including machinery.-V. 114, p. 1178.
Central Vermont Ry.-Guaranty.The I.-S. C. Commission has certified to Secretary of the Treasury
that the company is entitled to receive $1,365,148 as, guaranty for the 6
months following the end of the Government control. The company
has already received an advance of $1,325,000, leaving only $40,148
to be paid.-V. 115, p. 307.
Chesapeake & Ohio Ry.-Stock Authorized.-The stockholders Sept. 26 authorized an issue of $30,000,000 Preferred
stock, of which approximately $12,558,500, known as 6
Cumul. Convertible Pref. Series A, is to be presently issued.
The Common stockholders of record Sept. 1 have been given the right
to subscribe to the issue at par ($100) on or before Oct. 2 to the extent
of 20% of their holdings. Compare Pref. stock features. &c. in V. 115,
p. 987, 1099, 1209.
The $12,558,500 6 % Cumulative Convertible Preferred stock, Series
"A." when issued, has been admitted to the New York Stock Eschange.
-V. 115, p. 1209.
Chicago & Alton RR.-To Defer Oct. 1 Interest.-
Receivers for tee road have decided to recommend to the 15. S. District
Court that interest on the 3% bonds due Oct. 1 be deferred and that a
short-term loan of $2,000,000 be negotiated in order to handle the large
business insight, conserve cash and meet pressing claims -V.115,p.72, 1099
1531
Listing of First & Ref. Mtge. 4% Gold Bonds.-
The New York Stock Exchange has authorized the listing of
$500,000
additional 1st & Ref. Mtge.4% gold bonds, due April 11934, with authority
to add $58.578,000 on official notice of sale, making the total amount
applied for $151,020,000.
Income Account for Seven Months Jan. 1 1922 to July 31 1922.
Freight revenues
$16,109,851 Net rev, from ry. operations _$12,787,944
Passenger revenues
15,015,035 Non-operating income
448,512
Miscellaneous revenues
4,959,362
Gross income
$13,236,456
Total railway oper. revs_ _$66,084,248 Taxes
Maint. of way & structures__ $8,455,996 Miscellaneous income charges $3,729,337
135,697
Maint. of equipment
13,568,466 Uncollectible railway revs_ _ _
8.711
Traffic expenses
1,256,051 Hire of equipment-Dr
1,027,665
Transportation expenses_ _ _ _ 28,110,824 Rentals
954,678
Miscellaneous operations
455,400 Interest on funded debt
5,667,640
General
1,605,563 Interest on unfunded debt.. _ _
391,074
Transportation for invest.--Cr. 155,995
Total railway oper. expens_$53,296,304
Net income .
t $1,321,653
Condensed Balance Sheet.
,
July 31 '22. Dec. 31 '21.
July 31 '22. Dec. 31 '21.
Assets$
$
Liabilities$
Invest, in road
Common stock_ 74,359,723 74,482,522
and equipm't _279,839,053 370,220,249 Pref. stk.(7%)- 29,422.189 29,422,189
Improv. on leas.
Pref. stk.(6%)_ 25,134,300 25,135,800
railway prop_ 8,267,587
647,596 Stock liabil. for
Misc. phys. prop 3,161,440 4,476,849
conversion ___
122,800
Inv.In affil. cos- 71,685,507 19,769,154 Fd.dt.,&c.,oblig.204,226,394 232,969,415
Other investm'ts 2,373,479 2,475,427 Non-nego. debt
727,655
608,179
Time drafts,&c.
10,000 Loans&bille pay. 7,930,000 11,430,000
Cash
5,778,015 10,259,633 Traff.& car serv 2,199,606 1,578,860
Special deposits_
402,632 1,236,885 Audited accts.&c 8,515,446 11,304,394
Loans&bills rec_
303,008
213,028 Misc.accts. pay.
297,699
467,252
Trail.& car serv.
Int. mat. unpaid
365,844 1,028,011
balances rec
1,256,572
899,747 Divs. mat. unp'd
496
646
Net bal. rec. fr.
Fund. debt maagents& cond.
962,831 1,085,834
tured unpaid _
38,000
200,000
U.S.Gov t.accts
10,982,706 Unmatint.aecru. 2,248,920 9,549,548
Misc. accts. rec_ 2,963,738 5,195,847 Unmatured rents
752.400
916,639
Material & slop. 10,103,885 11,834,785 11. S. Govt. def.
Int.& dive. rec_
91,948 liabilities
95,900
47,487,117
Rents receivable
61,654
41,121 Deferred liabil__ 1,023,478
980,090
0th. curr. assets
636,874
703,877 Insur., &c., res..
50,400
U. S. Govt. def.
Tax liability_ _ _ _ 3,119,140 3,717,900
assets
35,083.460 Oper. reserves_ _ 6,114,064 6,286,688
Deferred assets_
252,112
428,786 Accr. depr.. equ. 15,353,911 14,666,245
UnadJust. debits 16,602,395 14,373,943 0th. unadJ.cred. 3,446,103 8,140,002
Corp. surplus_ _ 19,348,513 16,608,977
Total
401,746,680 490,030,874
Total
401,746,68(1 490,030,674
_v.115, P. 1428.
Chicago St. Paul Minn. & Omaha Ry.-Guaranty.The I.-S. C. Commission has certified to the Secretary of the Treasury
that $368,096 is payable to the company in final settlement for the guaranty
period after Federal control. The total found due the carrier was $2.460.096, the difference having been paid in advances.-V. 115, p. 1320,
1428.
Chicago Terre Haute & S. E. Ry.-Interest Payment.-
An authoritative statement says: "Interest coupons(amounting to 34%)
No. 44, dated March 1 1922, and Nos. 45 and 46. each dated Sept. 11922.
were paid Sept. 1 1922 on the Income bonds dated Dec. 1 1910, which
had been deposited under a deposit agreement with First Trust & Savings
Bank, Chicago, Ill., depositary, for the purpose of having endorsed thereon
the guaranty of principal and interest by Chicago Milwaukee & St. Paul
By. Co., lessee.
"On Sept. 1 1922 $6,197,600 face amount of Income bonds,out of $6,336,000 total amount outstanding, had been deposited under the deposit agreement. The depositing bondholders agreed, under the terms of the deposit
agreement, to waive interest on their Income bonds until the period beginning Sept. 1 1922, in order to provide funds for the railway company to
discharge its current liabilities existing on July 11921. The entire amount
of interest thus waived was not required by the railway company for that
purpose, and hence the amount represented by coupons Nos. 41. 45 and 46
was returned to the depositing bondholders, as above stated.'
[Coupons 41 and 42, due Sept. 11921, and Coupon 43, due Mar. 11922.
still unpaid.] See also V. 115, p. 1320.
Chicago Elevated Rys. Collateral Trust.-Equip. Trusts
Offered.-Halsey, Stuart & Co. Inc., are offering at prices
Cleveland Cincinnati Chicago & St. L. Ry.-Valuation.
ranging from 100 and div. to 100.48 snd div. to yield from
I.-S. C. Commission has placed a tentative value of $164,163,042
532% to 6%, according to maturity, $1,725,000 North- onThe
the property as of June 30 1915.-V. 115, p. 1128, 1320.
western Elevated RR., South Side Elevated RR., MetroColumbus Delaware & Marion Electric Co.-Bonds
politan West Side Elevated Ry. 6% Equipment Trust Gold
certificates, Series C-1 Trust of Sept. 1 1922 Issued under Offered.-West & Co., Phila., are offering at 963/ and int.,
to yield about 6.35%, $1,374,000 1st & Ref. Mtge. 20-Year
the Philadelphia plan. (See advertising pages).
The equipment has been leased to the above mentioned companies, 5% gold bonds of 1917, due July 1 1937. Stamped to bear
jointly and severally, and in addition the companies jointly and severally int. at 6%. A circular shows:
guarantee the principal and dividend payments.
Dated Sept. 1 1922; payable $170,000 annually Sept. 1 1923 to Sept.
1 1931, and 6195,000 Sept. 1 1932. Denom. $1,000, $500 and $100 (0)
Dividends payable M. & S. 1, in Chicago or New York without deduction
for Federal income taxes not in excess of 2%. Red. all or part on 30
days' notice on any dividend date at 101 and dividends for certificates
having more than 5 years to run from date of redemption, and at
100 and dividends for certificates having 5 years or less to run. Northern
Trust Co., Chicago, trustee. Penna. 4 mills tax refundable.
Issuance.-Authorized by the Illinois Commerce Commission.
These $1,725,000 certificates will represent about 75% of the cost of
100 new steel passenger motor cars.
Lessees.-The Northwestern Elevated RR., South Side Elevated RR.
and Metropolitan West Side Elevated Ry. own the elevated lines radiating
from the centre of the business district of Chicago (where they operate
Jointly on the *Union Loop owned by the Northwestern Elevated RR.)
to the north, west and south sides of the city. The companies all operate
under long term franchises none of which expire prior to the last maturity
of these certificates. The number of passengers carried by these three
roads during the calendar year 1921 was 162,997,120.-V. 115,p. 1428, 1320.
Chicago Great Western RR.-Gasoline Trains.President S. M.Felton recently announced that the company is preparing
to add 11 more gasoline motor-driven trains to the present suburban service. This will make 15 such trains to be used in the more thickly settled
sections of Iowa -V. 115, p. 1320.
Chicago Milwaukee & St. Paul Ry.-Outlook.---
president 11. E.Byram says in substance: "In conforming to the terms of
the strike settlement, we expect to obtain shop forces above normal capacity
and thereby recover partially the loss in rehabilitation of equipment caused
by the strike. We have 1,500 fewer bad order cars than at this time last
year in spite, of the 80 days of normal activity lost during the walkout.
One of the principal reasons for the road agreeing to this strike settlement
was to enaine us to get equipment in shape to meet the demands of rapidly
increasing freight traffic. Business unquestionably will be very good.
Freight rates were reduced July 1, and there are so many variable influences
that an estimate of earnings would be a guess. However, present indications point to 1922 as satisfactory financially."-V. 115, p. 307, 72.
Chicago Rock Island & Pacific Ry.-Equipment Trusts
Offered.-Hambleton 8z, Co. are offering at prices to yield
4%, according to maturity, $1,279,000
from 51
/
2% to 53
Equipment Trust 6% Gold Notes. Total outstanding,
$2,344,550, stamped subordinate to $4,690,400 Prior Lien
Notes outstanding.
Dated Jan. 15 1920, maturing Jan. 15 1925-35. Guaranty Trust Co.,
New York, trustee. Notes are secured, together with the unstamped notes,
on 2.7.1 10-to.1 box cars, 20 light Mikado loeantoth-es and 10 switching
locentot i% es. ,
Interest payable J. & J. through Bankers Trust Co.. New York. or Cleveland Trust Co., Cleveland, Ohio, trustee, without deducJon of normal
Federal income tax not in excess of 2%. Penna. 4-mill tax refunded.
Denom. $1,000 (c*). Stamped bonds of this issue bear int. at the rate of
6% p. a. from July 1 1922, and are red. all or part on any int. date on 30
days notice on or prior to Jan. 1 1927, after which date they are red. at
100 plus a premium of 5% less 3i of 1% for each full year of expired life
after July 11927.
Capitalization After This FinancingAuthorized. Outstand'9.
First & Refunding Mortgage 5s
}$7,500,000 1$1,599,
do stamped to bear 6% (this issue)
t 1,374.000
5% Divisional bonds in hands of public
Closed
119,000
7% Cumulative Preferred stock
3.000.000
1,000,000
Common stock
3,000,000
1.200,000
Company.-Incorp. in 1917 in Ohio. Owns and operates without competition all the property incident to the central station electric light and
power business in the city of Marion and vicinity, and the street railways in
Marion and Delaware. Also owns and operates interurban railroad running between Columbus, Delaware and Marion, 0.
Security.-The principal of the 1st &Ref. Mtge. bonds and the interest
thereon, at the rate of 5% per annum, are secured by a first mortgage on
the new 16,000 h, p. steam electric generating station, and in addition thereto by a first lien on the balance of the property, except the old Stratford
power station, on which the $119,000 divisional bonds are a first mortgage.
The additional interest of 1% per annum to be secured by any general mortgage which the company may hereafter execute.
Income Account Year Ended August 31 1922.
Gross income
$1,018,308
Operating expenses, maintenance and taxes (ex-depreciation)
663,927
Net income (over 65% from electric light and power)
$354,381
Interest charges per annum on bonds outstanding, incl. this issue_
168,340
Balance
$186,041
-V. 115, p. 307.
Dallas (Tex.) Ry.-Injunction Suit Halted.-
John W. Pope, special judge presiding lathe 44th District Court, issued
an order sustaining the general demurrer filed by attorneys for the company
in the injunction suit brought by F. J. Geller to restrain the company
from collecting the 6-cent fare. Formal notice of appeal has been filed
by Mr. Geller's attorney.-V. 115. P• 73.
Denver & Rio Grande Western RR.-Oct. I Interest.-
Federal Judges J. Foster Symes and Robert E. Lewis, sitting jointly at
Denver, Colo., have ordered Receiver Joseph H. Young to pay the Oct. 1
interest on the First Cons& Mtge. 4s, due 1949.-V. 115, p. 542. 307.
Fonda Johnstown & Gloversville RR.-To Pay Bonds.-
This company will pay the Cayadutta Electric RR. 1st Mtge. bonds
nd 1^,t
mon at maturity, Oct. 1 1922, upon presentation at the New
York Trust Co., 100 Broadway, N. Y. City.-Y. 115, p. 868.
1532
THE CHRONICLE
[Vou 115.
- deposit of these remaining notes is now imperative. We face the alternative
Fort Scott & Nevada Light Heat Water & Power Co.
the adoption of the plan or a receivership.
J. C. Martin was recently elected President, succeeding W. C. Gunn. of"The
plan is in grave peril of failure. Since Aug. 1 each of the three
-V.97, P. 1586.
.
committees •representing the various classes of security holders involved
has had the right of withdrawal, the exercise of which would be fatal
Havana Electric Ry., Light & Power Co.-Listing.-- to the plan.
The New York Stock Exchange has authorized th . listing of an additional
"Under these circumstances I again call upon you for your co-operation.
$600,000 Gen. Mtge. 5% Sinking Fund Gold Bonds, Series A, due Sept. 1 It will be possible to pay 10% upon the notes in cash, assuming that the
1954. with authority to add to the list, on or before Jan. 1 1923, $1,031,000 plan becomes operative. No payment of any sort can be made Upon
additional, making the total applied for $10,828,000 (auth. $25,000,000)•
these notes unless the plan does become operative. Holders should AleOutput, etc.1920.
1919.
1921.
1922(7 mo.) posit their notes immediately either with Bankers Trust Co., 16 Wall
Elec. It. & pow. (k.w.h.) 39.322,616 50,130,430 53,063.028 32,750,155 St., New York; Old Colony 'Irust Co., 17 Court St., Boston; Union Trust
Gas(cubic feet)
922,173,819 1006286.481 1154486,051 694,000,000 Co., 335 Fourth Ave., Pittsburgh, or Harris Trust & Savings Bank, 111
Elec. railway (car miles). 13,507.527 13,668.249 17,624.763 10,240,818 West Monroe St., Chicago."
Avge. number employees
3,300
3,7004,300
4,500
Results for Month and Year ending June 30.
Earns. Period Ended- 7 Mos.end.
Calendar Years
The annual report has not as yet been issued. The following figures..
July 31 '22.
1921.
1920.
1919.
been published:
have
however,
Gross earnings
$7.537,007 $12,882.653 $11,477.937 $9,397.452
1922-12 Mos.-1921.
1922-June-1921.
Operating expenses
3.499,478 6.823,861
6,079.134 4,573.540
Passengers carried
80,226,336 81,019,341 993,492,690 1013678831
Net earnings
$4,037,528 $C,058,792 $5,398,804 $4,823,912 Gross oper. revenue_ _ _ _ $4,322,480 $4,387,399 $53,540,859 $55,031,941
Operating expenses
2,688,779 2.879,241 32,272,509 36,024,646
Deduct230,814
235,083 2,802,823 2,735,695
Taxes, U. S. A
$35,333
$108,510
$214,950
$243,800 Taxes
Taxes, Cuba
440,600
185,900
151.000
159,000
Operating income.. _ _ _ 91,402,887 $1,273,075 $18,465,526 $16,271,601
l'rigo annuities
1,968
3,373
3,368
3,345
639,123
652,875
64,385
58,860
Interest
621,886
1,009,011
968.759
979,711 Other income
Gross income
:31,467,272 $1,331,935 $19,118,402 316,910,724
Operating income_ _ _ _ $3,192,443 $4.497,298 $4,060,726 $3,438,056
1,449,759 20,835,198 17,175,550'
1,827,989
Miscellaneous income..__
122,767
85,777
47,784
64,538 Int., sinking fund, &c
Guar. div. on Man. Ry.
stock
cap.
00 y1,050,000 4,200,000
Co.
(7%)..350,0
Gross income
$33.278,220 54,620,065 $4,108,510 $3,502,594
Deduct-Res'ye for depr_ $1,166,667 $1,623,879 $1,222,987
$622,121
x Net deficit
$467,824 $2,766,797 $4,464,826
$360,717
300,000
Contingencies reserve_
525,000
x Exclusive of deficit accruals under the provisions of Contract No. 3'
Amout. of disc. & exp.
36,230
on funded debt_ _ _ _
26,500
24,250
24,251 and related certificates which under these agreements with the city are
from future earnings.
payable
Provision for sink. fds.
234,238
255,789
181,132
153,107
y Represents guaranteed dividend paid Oct. 1 1921; provision for the
Misc. acc'ts written off
dividend due July 1 1921 was made out of previous earnings. Installments
(net)
97,446
70,373
of dividend rental due Jan. 1 1922 and April I 1922 remain unpaid.
The company has added 114 more trains a day to its service. This
Net profit
$1.336.574 12,306,721 $2.627,005 $2,675,091
Previous surplus
3,781.040 3,629,899 3,158,503 2.639,025 is in compliance with the Transit Commission's order, effective Sept. 24.
-V. 115, p. 1321.
Total surplus
$5,117.614 $5,936,620 $5,785,508 $5,314,116
Kansas City Southern Ry.-Obituary.Preferred dividend____(3°4)629.321 (6)1,258.709 (6)1.258,709 (6)1,258,709
Henry Visscher, who has been Treasurer of this company for many years,
Common dividend___ _(3%)448.324 (6)896,871 (6)896,901 (6)896,904
died in Kansas City, Mo., Sept. 21.-V. 114, P. 2574.
Profit and loss surplus. $4,039,9e8 $3,781,040 $3,629,899 $3,158,503
Louisville & Nashville RR.-lst & Ref. Mtge. Bonds
Consolidated Balance Sheet.
Liabilities (Con.) July 31 '22 Dec.31'21 Ineligible for Investments by New York State Savings Banks.
July 31'22 Dec. 31 '21
Com'a de Gas y El.
$
AssetsSee "Current Events" in "Chronicle" Sept. 23, p. 1396.-V• 115, Pde la Hab.50-yr.
Property, plant &
3,997.904 3.997,904 988. 645.
56,071,493 61,035,533 Os
equipment
386,523 Com'a de Gas y El.
Invest'ts (at cost)_ 371,523
Louisville (Ky.) Ry.-Approves Street Car Ordinance.
de la Hab. 5s_ _ _ 184,633
544,717
Cash
2,158,865 1,245,098
The stockholders on Sept. 11 voted to accept the street car contract
A cc'ts & notes rec- 2,484,870 2,330,814 Gen. Mtge. 5s_ _ .x6,503,000 5,845,000
fare.
ticket
6-cent
a
and
for
providing
fare
ordinance
7
a
cash
-cent
5-year 7% convert.
Materials, mdse.&
The company has arranged for a new form of tariff on its interurban lines,
2,186,931 2,327,983 notes
71,442,000 1,500,000
supplies
119,495 Accounts payable_ 427,975
547,316 which provides for a minimum fare of 7 cents within the city limits, plus
Materials in transit 138,771
cent for eachlone-third of a mile outside of the city limits.-V.115,p.1210.
one
127,315 Divs. dr int. due
Deferred assets__ _ 1,090,892
but unpaid
102,314
66,430
RR.-Bonds Offered.-Hallgarten & Co., New
Manila
_
414,669
Accrued
interest_
320,054
67,572,716
64,503,345
Total
643,309 York, are offering, at 1123 and int., to yield about 5%,
July 31'22 Dec. 31 '21 Deferred liabilities 771,886
Reserve for U. S.
s •
Liabilitiesand Cuban taxes 355,386
373,037 $1,485,000 7% Sinking Fund Bonds, Guaranteed, principal
6% cum. pref. stk_20,976,977 20,978,477
522,953 and interest, by the Government of the Philippine Islands.
Common stock__ _14,944,146 14,947,346 Special reserve_ __ _ 522,953
232,397
conting's_
for
300,000
Res.
Cons. Mtge. 5%
Depreciation res've
3,700.000 (See advertising pages.)
bonds of Havana
Dated May 1 1922. Due May 1 1937. Interest payable M. & N. in
Electric Ry.Co_ 8,069,570 8,069,570 Profit and loss_ _ _ _ 5,587,518 5,174,621
New York City without deduction for normal Federal income tax up to
6% gen.cons.oblig
64,503,345 67,572,716 2%. Denom. $1,000 (c*). Non-callable. Authorized, $1,500,000.
6,100 Total
5,900
(called)
Security.-In addition to the guaranty, there have been deposited with
Bank, New York, trustee, $2,811,000 First Mtge. 4%
x oince July 31 1922 the trustee has issued these Gen. Mtge. bonds as the Chase National
Bonds of the Manila RR. Co. (Southern Lines) due in 1939.
follows: $85,000 in exchange for an equal principal amount of notes: $2,803,- Gold
Fund.
has agreed to create and maintain a sinking
-Company
Sinking
funds
necessary
for
tne
of
trustee
the
with
deposit
upon
company
000 to the
to redeem the entire issue by maturity, payable in annual
the redemption on Sept. 1 1922 of the balance of the notes remaining out- fund sufficient
to the trustee.
standing. These bonds have been sold by the company. y Since July 31 installments
Purpose.-Funds realized from the sale of this issue are to be used for the
1927, $85,000 notes were exchanged into an equal amount of Gen. Mtge. payment
of a debt of $1,000,000 contracted for raising funds to pay for
bonds and the balance of $1,357,000 were redeemed Sept. 1 1922.-V. 115, equipment
and supplies, and to provide funds for the completion of the
543.
P.
construction of a new line between Los Banos and San Pablo.
of the outstanding capital, (except directors' qualifying
-All
Control.
Ry.-Extension.Houston & Brazos Valley
is owned by The Government of the Philippine Islands, Compare
The I.-S. 0. Commission has authorized the company to extend its line shares)
1429.
1210.
p.
115,
station
on
of
the
V.
its
Clute,
main
of
south
of railroad beginning 1.9 miles
a distance of 13 miles to
line, and extending in a northeasterly direction
& Northern Traction Co.-Consolidation.
Manitowoc
Tex.
County,
Brazoria
in
all
Hoskins Mound,
See Wisconsin Securities Co. below.-V. 115, p. 1100.
provide transportation for
The primary purpose of the extension is toare
way at Hoskins
extensive sulphur mining operations which the under
Menominee & Marinette Lt. & Trac. Co.-Consolidation
Freeport Sulphur Co.,
by
Mound. A plant is under construction the
See Wisconsin Securities Co. below.-V. 115, p. 183.
deposit and ascertained the
of
which has made borings over a portionsulphur.
of
tons
million
six
least
presence of at
Metropolitan West Side Elevated Ry. Co.-Equip.
by the sulphur company,
The proposed construction is to be financedinterest
to cover the amount
See Chicago Elevated Rys. Coll. Trusts above.-V. 107. p. 1287.
which will later take the company's note at 6%line
is
at
of
estimated
miles
$346.908.
13
the
of
cost
expended. The entire
Michigan United Rys.-To Abandon Line.
-V. 115, p. 436.
The company has petitioned the Michigan P. U. Commission for perFrankenmuth
and
between
line
Director.
Frankenmuth
-mile
5
abandon
a
mission to
Illinois Central RR.-New
Junction in Saginaw County, Mich.-V. 115, p. 436.
Vincent Astor has been'elected a director, succeeding R. E. Connelly.V. 115, p. 1321.
Milwaukee & Northern Ry.-New Officer.
Interest,
F. W. Walker has been elected a Vice-President.-V. 115, p. 436.
Indiana Columbus & Eastern Traction Co.
&
Dayton
Springfield
Urbana
The Nov. 1 1921 coupons pertaining to thedue Nov. 1 1..28 will be
Minneapolis St. Paul & Sault Ste. Marie Ry.-Listing.
paid
Ry. Co. 1st Mtge. 5% 30-Year gold bondswith
The New York Stock Exchange has authorized the listing of $2,500,000
6% interest thereon, viz.,
Oct. 1 1922 at their face amount, together
at the New York Trust Co., 1st Ref. Mtge.6% bonds, Series A, due July 11946.
$1 38 per coupon, upon presentation thereof
100 Broadway, N. Y. City.-V. 115, p. 1100, 988.
Statement Regarding Suit Over Dividends.-The company's
statement to the New York Stock Exchange says:
International Great Northern Ry.-Wins Suit.
has
Texas,
rendered
Houston.
at
Ball
H.
Thomas
The company's Preferred stock certificate contains the following: "This
Master in Chancery
of the company against the Preferred stock is entitled to a preference of 7%, non-cumulative, in
judgment for more than $2.000,000 in favor
The
will
judgment
contracts.
of
violation
declared in any calendar year before any dividends are paid
dividends
alleged
for
Pierce Oil Corp.
Jr. The case will probably upon the Common stock, and after dividends have been paid upon the
be reviewed by Federal Judge J. C. Hutcheson
Common stock to a like amount of 7% for any calendar year then both
go to higher courts.
barrels of oil at 83c. classes of stock shall participate without distinction or preference in any
The alleged contracts called for delivery of 750,000
at 70c. at Texas City Jct. further dividends for such year.
a barrel at Fort Worth and 750,000 barrels
to purchase oil in the open market
In 1921 the company's revenue failed to equal its operating expenses
The railway asserted that it was requireddifference
between the two prices. and fixed charges. Thus, in 1922, the company had no revenues from
at $3 50 a barrel, and it sued for the
from Oct. 1 1919 to Sept. 30 Its operations of the preceding year for the payment of dividends in
The Fort Worth contract covered a petiod to
Oct. 31 1920 all inclusive.
. 1 1919
,
accordance with its established practice. It had on hand, however, sur1920, while the other was from No.
to furnish fuel oil were plus earnings accumulated from 1909 to 1920 inclusive, which remained
Master in Chancery Ball held the two contracts
011 Corp.
after the payment of the regular dividends of 7% on both Preferred
valid and were not fulfilled by the Pierce
Colonel Ball held that over
and Common stock out of the earnings of each of those years.
By having to purchase oil in the open market,
railway sustained damages aggregating
Accordingly, on March 10 1922, the directors passed a resolution proJames A. Baker, receiver for that
on domestic oil. With interest viding for the payment of dividends of $2 per share on both classes of
$771,350 on Mexican oil and $1,026,462
of more than $200,000, the grand total is in excess of $2,000,000.-V. stock payable out of the above accumulated surplus on April 15 1922.
That action was based upon advice which the directors received that
115, p. 1100, 868.
it was necessary to make any dividends paid out of such accumulated
Interborough Rapid Transit CO.-Receivership Hearing surplus equal on both classes of stock in view of the provisions of the
articles of consolidation, and of the Preferred stock certificate. According
Adjourned.-Judge Julius M. Mayer in the U. S. District to
these provisions, as the directors were advised, the preference of the
Court Sept. 26 again adjourned the hearing until Oct. 10 Preferred stock consisted solely in the right to receive the first 7% in
a
of
This
receiver.
appointment
declared out of the earnings of a given year, without regard
dividends
the
in the proceedings for
the year in which the dividends might be actually declared or paid.
action was taken by Judge Mayer because of stipulations toOn
April 12 1922 two of the large owners of Preferred stock brought
against the company in the U. S. District Court for Minnesota,
entered into by the attorneys representing all the parties to suit
claiming that dividends of 7% should be paid to the Preferred stockholders,
this litigation.
before any part of the profits set apart for dividends should be
1922,
in
the Common stock in that year. Temporary restraining orders
President Hedley Again Urges Deposits of Notes.-President paid on
by the District Court in this suit, prohibiting the company
made
of
were
Extended
holders
Secured
the
Frank Hedley in a notice to
from paying the dividends provided for in the resolution on the Common
Convertible notes, not yet deposited under the Interborough- stock, and also prohibiting it from paying these provided for on the Prein substance:
oend
ferr
Manhattan Readjustment Plan, says
June 26
6 1922 the District Court filed an opinion in favor of the
are still undeposited.
"About 15% of the notes,amounting to $5,350,000,
sustaining the resolution of March 10 1922; and on Aug. 10
plan
the
of
company,
of
readjustment.
adoption
the
This is a serious factor deterring
made an order dismissing the suit and dissolving the temcourt
the
hands.
1922
your
About
3,700
in
At the present time its success rests largely neglected to
deposit. The porary restraining orders.
holders in comparatively small amounts have
THE CHRONICLE
SEPT. 30 1922.]
Thereupon the plaintiffs immediately appealed to the U. S. Circuit
Court of Appeals for the Eighth Circuit, and procured an order from the
District Court restoring the restraining orders pending the decision of
this appeal, which will be heard by the Circuit Court of Appeals at the
term beginning on Dec. 4 1922 at St. Louis.
Earnings Statement for Calendar Years.
1919.
1921.
1922 (7 Mos.)
1920.
$13,416,111 $26,185,804 $12,249,016
Operating revenues
Comp.from U. S. Govt.
4.748,727 $7,123,091
for Federal oper
Gross earnings
Operating expenses
$13.416,111 $26,185,804 $16,997,743 $7,123,091
11,682,272 24,325,915 10,196,903
126,935
$1,733,839 $1,859,888 $6,800,840 $6,996,156
Net earnings
515,133
1,106,740
859,248
1,616,018
Inc. from other sources_
Total income
Fixed chgs., taxes, &c
$2.248,972 $3,475,907 $7,907,581 $7,855,404
3,910.320
4,035,625
6,948,064
4,822,968
dent,661,348df$3,472,158sr$3,084,613sr$3,819,779
Balance
-No excess profits tax paid.
Nole:
General Balance Sheet.
July 31 '22. Dec. 31 '21.
July 31 '22. Dec. 31 '21.
LiabilitiesAssetsCommon stock_ 25,206,800 25,206,800
Inv. in road &
equipment.. _ _131,999,749 128,152,597 Preferred stock_ 12,603,400 12,303,400
Impt. on leased
Prem.on cap.stk
12,336
908 Grants in aid of
railway prop_
Sinking funds_ _
25,000
2,616
construction__
5,462
Deps. in lieu of
Funded debt_ _ _ 87,147,000 84,647,000
12,578
mtged. prop_ _
12,578 Equip. oblig__ _ 5,826,000 6,634,000
Misc. phys. prop 2,778,633
629,068 Leased line ctfs_ 11,230,300 11,221,400
Inv.in affil. cos_ 22,928,661 23,230,294 Non-negot. debt
61,751
Other invests_.. _
63,301
to affil. cos_
917,204
3,670,603 3,016,662 Loans& bills pay 3,000,000 3,000,000
Cash
Special depo3its_
727,252 1,979,555 Traf.& car bats.
638,343
562,425
Loans & bills rec
315,523
43,183 Aud.vouchers &c 3,289,773 4,319,164
Traf. & ear ser.
Wis. Cent. By. 6,748,123
balance rec__ _
3,107
245,434 Misc. accts. pay
189,671
283,660
Agts. & conds'.
Int.& diva. mat.
831,054 1,547,814
balances rec_ _ 1,045,607
834,723 Unmat.int. accr
407,926
807,003
Misc. accts. rec.. 1,124,751
1,139,015 Unmat. rents_ _
51,455
43,812
Wis. Cent. Ry.
Other cur.liab_ _
3,442
382,525
Co
9,353,118 2,460,603 U. S. Govt. def.
MatIs. & sup__ _ x4,641,324 7,496,568 liabilities _ _ _ _
15,236,218
Int. & divs. rec_
34,299
33,515 Deferred liab__ _
725
13,249
Rents receivable
1,198
Tax liability__
998,403 1,551,460
Other cur. assets
1,125
210,078 Ins. & ens. res.. _
118,271
122,669
Deferred assets_
61,255
65,183 Accr. deprec.Unadj. debits__ 2,718,788 2,958,151
equipment_ _ _ 6,667,432
U. S. Govt. def.
U.S. RR.Adm. 1,834,212
assets
12.942,460 0th. unadj. cred
619,125
736,397
Add's to prop.
thr. inc. & sur
65,331
65,331
Profit and loss 13,564,905 16,054,558
Total
181,504,320 185,513,876
Total
181,504,320 185,513,876
x Material and supplies balance is adjusted annually to basis of market
prices. The majority of the amount of $4,641,324 represents purchases
made during recent months. If this balance was adjusted to the basis
of July 1922 market prices, the balance would not be materially affected.
-V.115, p. 1429.
Mobile & Ohio RR.-Guaranty.-A certificate authorizing payment of $605,735 to the road in final settlement of the guaranty for the 6 months following Federal control, was
issued to the Secretary of the Treasury Sept. 22 by the I.-ts. C. Commission. The total found due the carrier under the guaranty was $1,930,735,
the difference having been paid.-V. 115, p. 1205.
Nashville Railway & Light Co.-Cumulative Dividends.
B. 0. Edgar, Vice-President and General Manager, says in substance:
"The directors have authorized the payment of dividends on the stocks
of the company, to be made on Sept. 30 to stockholders of record Sept. 25.
The dividends declared represent the regular 5% cumulative dividend due
the Preferred stockholders, amounting to $343,750 [1331%] for the period
dating back to Dec. 31 1919[up to Sept. 30 1922]. and also a 1 j% dividend
on the Common stock.
"No dividends have been paid since 1919, as all net earnings of the company have been used in rehabilitation of the property, and making necessary additions and betterments during this period. The payment of these
dividends at this time have been made possible by the recent financing of
these expenditures." [Compare plan in V. 114, P. 1653, under "Tennessee
Railway, Light & Power Co.")-V. 114, p. 1651.
New York New Haven & Hartford RR.-Interest.-
The Curb Exchange has been notified by the Equitable Trust Co. that
the interest due Oct. 1 on the extended 7% debentures of 1925-European
franc issue-will be paid on and after that date at the Bankers Trust
Co. on presentation of certificates of deposit.-V. 115, p. 645.
New York State Rys.-Fares in Syracuse and Utica.-
The New York P. S. Commission has ordered the rate of fare in Syracuse
reduced from 8 to 7 cents and the fare in Utica increased from 6 to 7 cents.
The increase at Utica is temporary pending further consideration by the
Commission on the action of the Appellate Division of the Supreme Court
in annulling an order of the Commission denying the application of the
company for a 10-cent fare. •
The new rate in Syracuse is effective Oct. 1 and will continue for 6 months
or until it is changed by further order of the Commission. The increase
in Utica is effective on one day's notice by the company.-V.115,p.1429.
Norfolk & Western Ry.-To Call Notes.-
The directors have authorized the calling for redemption at 103 the 6%
Equip. Trust Certificates on Jan. 15 next. Funds for this purpose will be
provided from tho company's treasury. No new financing will be necessary.
These certificates, originally $6,885,000, were issued to the U. S. RR.
Administration in 1920. There are at present $5,967.000 outstanding, of
which $459,000 fall due Jan. 15, and will be paid off at par,leaving $5,509,000 to be redeemed at 103.-V. 115, p. 1100.
Northwestern Elevated RR. Co.-Equip. Trusts Offered.
See Chicago Elevated Rya. Coll. Trusts above.-V. 115. p. 1210.
Pacific Electric Ry.-To Extend Interurban Line.D. W. Pontius, Vice-President and General Manager, announces that
application will be made immediately to the California RR. Commission
for authority to extend the Monrovia-Glendora interurban line from
Glendora to San Dimas, approximately 5 miles. This proposed extension
will close up the gap between the Monrovia-Glendora Line and the San
Bernardino Line. The expenditure for carrying out this work will be
about $379,000, it is stated.-V. 115, p. 1321.
1533
Paulista Ry.(Companhia Paulista de Estradas de
Ferro), Brazil.-Listing.The New York Stock Exchange has authorized the listing of $4,000,000
1st & Ref. Mtge. 7% Sinking Fund gold bonds. Series A, due March 15
1942 (see offering in V. 114, p. 1767)
General Balance Sheet as of Dec. 31 1921.
[Translation from Portuguese. Rs. figures at 123.]
AssetsLiabilitiesStockholders cap. acct_ _
$161,486 Capital: 660,000 shs. at
Rys. amt. expended_ -- - 30,850,805
Its. 200$000
$16,830,000
Building, &c
30,105 External loan of 1892.... 6,147,152
Materials in stock &
Redemp.fd. for 1892 loan 2,828,718
purch. dept. in transit
975,448 Fd. for new works &
Forrestry service
Increase of rolling stock 3,641,277
538,490
Shares dep. by directors_
6,375 Fd. for forrestry service_
337,029
Bds. dep. in State Trees_
637,500
14.408 Reserve fund_
Loans
280,500
431,302 Pension fund
Bds. of State & Fed. debt
6,375
154,289 Bonding of directors....
Other securities
231,577
35,503 Personnel Dec. 1921____
Bal. in favor of company:
Pensions Dec. 1921
790
Various banks
158
674,066 Issue of 1907
Gen. Treas. of the rys_
26,918
589,181 Dividends not claimed
Various accounts due_
801,602
114,578 Divs. to be distributed
Other balances
39,733 Various cred. for suppl.
Cash on hand
2,291,284
& other charges
123,516
Balance of this account
678,406
Total
-V. 115, p. 1210.
334,739,285
Total
$34,739,285
Pere Marquette Ry.-New Officer.A. L. Grandy,formerly Chief Engineer, has been appointed to the newlycreated office of Assistant to the President and also as General Manager.
V. 115, p. 645.
Reading Co.-Time for Deposits Extended.-The time for
depositing the Gen. Mtge. 4% gold bonds of the Reading
Co. and Phila. & Reading Coal & Iron Co. under the deposit
agreement (in connection with the segregation plan ordered
by the U. S. Supreme Court) has been extended to Decu
1 1922. (See advertising pages.)
All coupon bonds should have attached thereto coupons maturing on and
after Jan. 11923. The certificates of deposit have been listed on the New
York and Philadelphia Stock Exchanges.
The depositaries are J. P. Morgan & Co., New York, and Drexel & Co.,
Philadelphia.
Leave to intervene in the,Reading segregation proceedings was asked of
U. S. District Court Sept. 22 by Dorothy Morley Hepburn. who claims
to be owner of $20,000 coupon bonds. As the Court has not made an
apportionment of the liability under the lien of the general mtge., the
bondholder states, her interests will be greatly affected and asks leave to
intervene in the suit to protect her rights. The Court took no action on
the petition.-V. 115, p. 1321, 1430.
St. Paul Union Depot Co.-New Officer.Ralph Budd, President of the Great Northern Ry., has been elected
Vice-President, to succeed the late James T. Clark.-V. 115, p. 1100.
Saginaw-Bay City Ry.-Franchise.-
Initiatory petitions have been placed in circulation asking the City
Council to submit to the voters at the Nov.election the question of granting
a 25-year franchise to Otto Schupp, trustee, representing holders of 1st
Mtge. bonds of the defunct Saginaw-Bay City Ry., for the operation of a
street car system in Saginaw with motor bus extensions. Company
would operate in Saginaw only and would be entirely distinct from the old
Saginaw-Bay City Ry.
The plan, it is said, calls for a fare of 20 tickets for $1,four for 25 cents,
or a 10-cent cash fare for transients, free transfers and the elimination of
jitney bus competition.
The 1st Mtge. bondholders, it is stated, are ready to put up $400,000
additional to purchase the motor bus equipment for the extension routes,
and to put the property in first class condition.-V. 115, p. 437.
South Side Elevated RR. Co.-Equip. Trusts Offered.-
See Chicago Elevated Rys. Coll. Trusts above.-V. 114, p. 2826.
Southwestern Traction Co., Temple, Texas.-Fares.
The company announces that passenger rates will be reduced from
42 to 35 cents from Temple to Belton Texas, and a proportionate decrease
between stations.-V. 111, p. 1370.
Tennessee Alabama & Georgia Ry.-Stock, &c., Auth.-
The I.-S. C. Commission has authorized the company to issue $200,000
Common stock and $400,000 Pref. stock and to assume obligation in respect of $97,500 notes made by C. E. James.
The report of the Commission says in brief:
The properties and franchises of the Tennessee Alabama & Georgia RR.
were sold on April 8 1922 to C. E. James for 3130,000, of which $32.500
was paid in cash and $97,500
by three 69,promissory notes
of $32,500 each. dated April 8 represented
1922 and payable 6, 12 and 18 months after
date, respectively.
On April 24 1922 Mr. James, with his associates, as purchaser, incorporated the applicant in Georgia and the
is now being operated by the
applicant. While the charter of theproperty
applicant provides for the issue of
$400,000 Common stock, we are of opinion that not more than $200,000 of
such stock should be issued. The right of Mr. James to the Preferred stock
has been assigned to the applicant, which proposes to sell it at par for cash.
possibly paying a commission not exceeding
10% in connection with the
sale.
The proceeds of the sale of the Preferred stock will be used to reimburse
Mr. James for his cash payment of $32,500; to pay the three notes, aggregating $97,500. with interest, at their
maturities; to provide new equipment costing about $34,000; to make surveys,
&c., in connection with a
proposed extension, at a cost of $12,000; and to recondition
the present line
at a cost of about $178,000. The
applicant's road is 88.12
length
of
the
miles.-V. 114, p. 2580.
Terminal RR. Association of St. Louis.-Capital.-
The stockholders will vote Oct. 9 (1) on increasing the capital stock from
$50,000,000 to $100,000,000; (2)
on increasing the bonded debt from
$50,000,000 to $100,000,00.
President Henry Miller, Sept. 22, says:
Pearl River Valley RR.-Notes.-
All authorized bonds have been issued, and the present action is for the
purpose of refinancing for future requirements.
The increase in capital stock from $50,000,000 to $100,000,000 is for the
purpose of complying with the Missouri statutes, which make it necessary
to increase the stock authorization
at the time the bond authorization is
Increased. There is no intention of issuing or distributing any of the
authorized stock.-V. 115, p. 1430, 1211.
Pennsylvania Company.-Stricken from List.-
The Indiana P. S. Commission has authorized the company to charge
3 cents a mile, with a minimum rate
of 10 cents for rides within the city
of Indianapolis.-V. 115, p. 1211.
The I.-S. C. Commission has authorized the company to issue from time
to time unsecured promissory notes aggregating $15,000, in renewal of certain outstanding notes.-V. 113, p. 850.
The Philadelphia Stock Exchange on Sept. 19 struck off the regular list
$58,000 3%% Guaranteed Trust Certificates, Series"A" (assumed by the
Pennsylvania RR. Co.), reported retired and canceled, leaving the amount
of said. certificates listed $3,677,000, and making $1,323,000 of said certificates redeemed and canceled to Sept. 15 1922.-V. 114, p. 1535, 1527.
Pennsylvania RR.-Number of Stockholders Decreases.-
Total number of stockholders on Sept. 1 1922, was 137,883, a decrease
of 2,687 from Sept. 1 1921. The average holdings Sept. 1 were 72.42
shares. Since Jan. 11922, the number of stockholders has decreased 3,816.
The foreign holdings on Sept. 1 1922 were 3.78% of the outstanding
stock, an increase of 1.37% over the same date last year.-V. 115, p.
1211, 988.
Union Traction Co. of Indiana.-Fares.--
Utah Power & Light Co.-Earnings.Income, 12 Months ended July 31 1922 (Incl. Western Colorado Power Co.).
Operating revenue
$56,932
$6,802,400 New business expense
Non-operating revenue
172,153 Rental paid Utah L. Jr Tr. Co. 375.100
Other gen.exp.(incl. taxes)_ _ 1,440,118
Total revenue
86,974,553
Operating ExpensesNet earnings
$3,500,748
Cost of production
$1,414,919
$554,892 Interest funded debt
Cost of transmission
237,158
351,646 Interest floating debt
Cost of distribution
396,461 Amort. disc., corn. & expa__ _
134,353
Commercial expense
298,655
Balance after interest
$1,714,318
1534
THE CHRONICLE
[Vox.. 115.
building at Weirton, W. Va., calls for 2,000 tons. In plates, locomotive
Consol. Balance Sheet July 31 1922 (Inter-Company Accounts Eliminated). firebox
steel is the strong feature. On the Lakes a 600-foot ore boat, taken
LiabilitiesAssetsby a Detroit yard, will mean 5,000 tons of steel.
511,595,400
Preferred
stock.
7%
$67,547,704
Plant account
"Generally speaking, it has been a quiet week for finished steel apart
3,099,000
1,675,966 Second Pref. stock, 7%
Construction expenditures..
30,000,000 from rails.
7,834,881 Common stock
Securities owned
Output.-"In operations the industry has worked up close to 70% of
35,003,000
2,689,477 Bonds
Notes & loans receivable
y4,509,058 capacity which represents rapid betterment in the past three weeks. But
102,028 4% notes
Interest receivable
is little hope of improving on this rate. The fear is that it may not
there
y310,681
6%
notes
1,294,310
receivable_
Accounts
300,581 be maintained, since car shortages have caused the piling up of considerable
715,244 Accounts payable
Supplies, at cost
445,178 finished steel at mills, and some blast furnaces recently blown in have had
828,021 Customers' deposits
Cash
512,847 to pile pig iron in their yards. Cars and motive power will be the gauge of
80,287 Federal, &c., taxes
Subscriptions to Pref. stock
142,837 operations for a good many weeks.
Treasury bonds(1st Mtge.15e) x3,158,000 Interest accrued
'However, the'increase in fuel supply has been enough to relieve the
33,013
3,825,894 Lease rental accrued
Deferred meets
2,815,582
tension in finished steel and to check, at least for the time, the upward tenaccounts
Reserve
418,758
Trust funds
13,902,000 dency of prices.
13,902,000 Contingent liabilities
Contingent assets
Prices.-"Of the advance of $3 a ton in wire products made by inde1,201,410
$103,670,547 Surplus
Total (each side)
pendent producers early in the month, $1 has come off this week, but the
x Pledged with trustee under 1st Lien General Mte. trust indenture.
American Steel & Wire Co.'s prices apparently have gone up $2, making a
1322.
1430.
115,
-V.
Corp.
P.
Securities
y Held by Utah
more nearly uniform market than has been seen in months.
"There are more indications, also, of a 2c. to 2.10c. range by the Steel
Utah Light & Traction Co.-Earnings.Corporation on plates and shapes and of 1.95c. to 2c. on some of its bar
Income Statement for 12 Months ended July 31 1922.
business. At the same time 2.25c. is more commonly the maximum on new
$1,989,223 basiness in these three products that has gone to independent mills.
Gross earnings
1,507,564
"Owing to increase in production and the waiting policy of many buyers,
Operating expenses (including taxes)
pig iron prices have developed a decided tendency downward and in some
$481,659 centres in the North quotations are from $1 to $3 lower. In the South
Netfrom operation
375,100 sales have been made at $27 50 and even higher, but the $27 quotation still
Rental on property leased to Utah Power & Light Co
12,680 prevails and resale Southern iron has been disposed of at $26. A very unOther non-operating revenue
usual recent shipment was 5,000 tons of iron taken by lake vessels from
$869,439 Duluth to Buffalo and thence by rail to New England consuming points.
Total net earnings
$855,446
Basic iron has declined $2 in Eastern Pennsylvania. Foreign iron continues
Interest and discount funded debt
30,372 to dominate the Atlantic Coast markets.
Interest flOating debt
"Makers of beehive coke have made sales at an advance of 50 cents and
def.$16,380 more in the week. Car shortages rather than labor troubles are limiting
Balance
production, the strike in the north portion of the Connellsville district being
Balance Sheet July 31 1922.
on the wane.
LiabilitiesAssets"Prices of 80% ferromanganese, under the new duty of $33 60 a ton,
$1,150,875
$21,233,390 Capital stock
Plant account
not been established, since duty-free imports of the British product
have
21,508,300
109,194 Bonds
Construction expenditures_
been heavy in recent weeks. It remains to be seen how much of the
have
530,705
375,001 Adv.from Utah Pr.& Lt. Co.
Securities owned
British producers will absorb and how far, in a competitive marduty
new
77,473
payable
159,316 Accounts
Notes receivable
consumers will get the benefit of the duty-free manganese
domestic
ket,
486,442
35,573 Accrued accounts
22. Similar uncertainties exist in the market
Accounts receivable
1,854,200 ore brought in before Sept.
123,175 Reserve accounts
Supplies at cost
on which the duty was 15% (or $7 to $9 per ton)
ferrosilicon,
high-grade
for
85,852
105,991 Tickets outstanding
silicon.
Cash
contained
of
lb.
per
2c.
now
is
and
1,987,665
208,158 Surplus
Deferred assets
Coal Production, Prices, &c.
5,290,000
Securities pledged
2,716
The U. S. Geological Survey Sept. 23 reported in brief as follows:
Trust funds
$27,641,511
Total (each side)
1,000
Funds dep. with trustee _
"Normal production at the anthracite mines during the week of Sept.
-V. 115, p. 75.
18-23 brought the total output of all coal, anthracite and bituminous, up
net tons. This is still somewhat below the amount
- to aboutto11,650,000
United Rys. Co. of St. Louis.-Reorg. (t Valuation.
meet current consumption and Lake shipments and at the same
taken up required
A tentative plan for reorganizing the company is expected to besecurities
consumers' stocks.
rebuild
to
time
in the near future. A total of $10,600,000 bonds and other$4,200,000
"The total output of anthracite during the first week after the strike
mature during 1923 and receiver's certificates aggregating
was 1,064,000 net tons and during the second week following the strike
•
also fall due in that year.
was about 1,850,000 net tons.
it
The company recently filed a statement with the Missouri P. S. Commis"Production of bituminous coal in the present week is estimated at from
sion placing a value of $64,871,281 on its properties as of Jan. 1 1922.
to 9,900,000 tons, a slight increase over the week preceding.
9,600,000
The company is to file briefs in support of its valuation by Oct. 1, after Production in the second week of September of the last five years was
Commission's
The
figures.
the
protdst
to
days
60
have
will
which the city
as follows:
engineers have tentatively valued the property at $49,000,000.-V. 115, 1918
9,661,000
10,685,00011922
12,542,00011920
P. 989, 546.
8,187,0001
1919
11,046,00011921
Tons.
Net
in
Production
-States
-Decision.
Co.
United
Estimated
Virginia Railway & Power
1921
city has
1922
The Supreme Court of Appeals, Sept. 21, ruled that no Virginia utilities.
.to Date.
Week. Cal. Yr.
Week. Cal. Yr. to Date.
Bituminousthe right to fix street-car fares and rates to be charged by public
the Town of Sept. 2
7,606,000
262,763,000
232,919,000
9,359,000
In the future, by virtue of the Court's decision in the case of vested
solely
be
will
7,083,000
right
this
269,836,000
Co.,
Power
&
241.710,000
Light
Victoria
8,791,000
9
Sept.
the
vs.
Victoria
8,187,000
278,023,000
251,371,000
9,661,000
in the State Corporation Commission in all cases where franchises have been Sept. 16
Anthracitegranted since the effective date of the constitution of 1902.
Commission
Corporation
1,770,000
State
62,802,000
the
that
23.211,000
state
decision
36,000
the
2
Sept.
of
The terms
1,483,000
64,285,000
22,261,000
50,000
has the right and is charged with the duty of fixing just and reasonable Sept. 9
1,749,000
66,034,000
23,325,000
1,064,000
rates of all such utilities "anything in any ordinance to the contrary notwith- Sept. 16
Beehive Cokestanding."
58,000
3,840,000
4,228,000
138,000
2
Sept.
311922.
Aug.
Ended
Months
8
the
Results of the Norfolk Street Ry.for
60,000
3,900,000
4,366,000
138,000
Sept. 9
64,000
3,964,000
Gr.);s earnings. $1,092,059; open expenses, $871,948; net from
139,000
4,505,000
Sept. 16
$220,111
peration
market
briefly
conditions
reviews
27
of
Trade
Journal"
Sept.
"Coal
The
Taus for the 8 mos., $43,857; bond int. & sink, fund charges
337,874 as follows:
on the bonds allotted to the Norfolk St. Ry., $294.017: total..
"In spite of the tendency upon the part of many critics to stress the occathe general level for bituminous con$117,763 sional unreasonable spot quotation,
1)eficit
with the week preceding,
$148,114 tinues to decline. Last week, as compared
Derhit for the calendar year 1921 was
the prices listed. Of these changes,
of
registered
in
were'
55.82%
changes
Note.-No account has been taken of any return on the investment in 65.27% represented reductions ranging from 10 cents to $1 per ton and
stock.
by
represented
,treet
railway
the
averaging 51.1 cents. The advances ranged from 19 cents to $1 and averThe number of revenue passengers carried during the 8 month:" of 1922 aged 41.6 cents per ton. The explanation for the advances is to be found
as compared with the same period of 1921 decreased $4,685,684.-V. 115. in the widening differential in many fields between the prices on prepared
p. 983, 647.
coals and mine-run and screenings, due to active domestic demand and slow
steam buying.
Wig consin Public Service Co.-Consolidation."Company prices for anthracite, with one or two exceptions, have been
See Wisconsin Securities Co. below -V. 115, p. 1322. 75.
officially announced and show no material variation from those in effect
prior to April 1. In the independent list, while some shippers are adhering
Wisconsin Public Service Corp.-New Company.
to the $8 50 maximum set by the Pennsylvania authorities, others are asking all the way to $10 50, and, in some cases, more, for domestic sizes."
see Wisconsin Securities Co. below.
Oil Production, Prices, &c.
Wisconsin Securities Co.-To Consolidate Utilities.plans to consolidate under the name of the
Estimates ofDaily Average Crude Oil Production.-The American Petroleum
It is stated that the company
now
It
Institute estimates daily average gross crude oil production in the United
Wisconsin Public Service Corp. the following companies, which
and States for the week ended Sept. 23 as follows:
owns or controls: Wisconsin Public Service Co., supplying Green Bay
Its suburbs with electric light, power, gas and transportation services
1922.
1921.
1923);
(In Barrels)Sept. 23. Sept. 16. Sept. 9. Sept. 24.
(V. 115, p. 1522, 75); Sheboygan Gas Light Co. (V. 100, p.
Menominee & Marinette Light & Traction Co.(V. 115, p. 183); Calumet Oklahoma
400,650 400.600 402,700 309.850
Northern
and
Sr
Brillion;
Chilton
Manitowoc
Service Co., operating at
Kansas
94.700
86,550
86,900 • 86,650
Traction Co., operating an interurban electric line between Manitowoc North Texas
62.700
52.400
57,350
54.250
and Two Rivers(V.115,p. 1100),and the Peninsular Service Co.,furnishing Central Texas
94,300
147,600
144.600
141,800
electric power to Kewaunee. Algoma and Sturgeon Bay.
North Louisiana and Arkansas_ _ _ 120.750 123.700 127.400 109,800
The new company, it is stated, will have an authorized capital of $2,Gulf Coast
113,350 107.800 106.900 105.000
by
controlled
and
be
stock,
will
Common
Eastern
500,000 Pref. and $2,500,000
113,000 113,000 113,000 120.000
49,700
the Wisconsin Securities Co.-V. 115, p. 438, 184.
82,850
Wyoming and Montana
83,250
78,100
California
390,000 385,000 385,000 220,000
2.No.
Dividend
-Common
Railways.
York (Pa.)
Total
A quarterly dividend of 1% has been declared on the outstanding Common
1,507,050 1.493,700 1,504,400 1.166.050
stock, par $50, payable Oct. 31 to holders of record Oct. 21. An initial
Kerosene Price Again Advances.-Standard 011 Co. of New York addividend of like amount was paid in July last.-V. 115, p. 546.
vanced tank wagon 1 cent a gallon to 14 cents in Greater New York and
15 cents in New England. "Financial America" Sept. 26, p. 1.
Crude Oil Price Reduced.-Ohlo 011 Co. reduced market price for Wooster
INDUSTRIAL AND MISCELLANEOUS.
Crude 20 cents a barrel to $2. "Financial America" Sept. 23, p. 1.
Oil Co. (Louisiana) posts price of 75 cents a barrel for SmackStandard
develthe
most
touch
important
items
The following brief
over crude, no gravity classifications. "Financial America" Sept 28„ D. 2.
opments in the industrial world during the past week, toGasoline Production.-For month of July was 560,711,415 gallons,
of 44,000.000 gallons over June production. 56,000.000 gallons
gether with a summary of similar news published in full Increase
over May and 150,000,000 gallons over July 1921. In July 1922 condetail in last week's 'Chronicle" either under "Editorial sumption reached 566.000,000 gallons, largest ever recorded in one month.U. S. Bureau of Mines.
Comment" or "Current Events and Discussions."
Prices, Wages and Other Trade Matters.
Steel and Iron Production, Prices, 8ce.
Commodity Prices.-Wholesale cash prices in New York reached the
The "Iron Age," Sept. 28, said:
points during the week ended Sept. 28: Wheat, Sept. 22,
high
Railroad Orders.-"The placing of large orders for rails at the $40 price, following
1.22; corn, Sept. 28, .82%; coffee, Sept. 22, 10 3-16; lard, Sept. 27, 12.30;
whLch on Oct. 1 is replaced by $43, has given the steel trade what is probably pork,
and 23_, 27.50; lead, Sept. 26, 6.65; tin, Sept. 25, 32.62
22
Sept.,
it
ever
has
impormaterial
known. All the
the most active week in railroad
Sept. 23, 21.40; printcloths, Sept. 28, .O63.
tant lines in the country and many smaller ones have either contracted for cotton,
Sugar Refining Co. offers limited amount of
-Federal
Prices.
Sugar
will
or
made
part,
which
large
reservations
in
or
wholly
their 1923 rails,
at 6.20c. a lb., less 2%-"Boston Financial News" Sept. 25,p. 3.
become definite tonnages a little later. In the Chicago district this business refined
Advance in Lead.-American Smelting & Refining Co. advances
Further
the
tons
by
be
of
500,000
will
end
the
and
tons
450,000
about
to
amounts
from 6.25 to 6.35. "Evening Post" Sept. 27.
week. In the Bast nearly as much more is reported. Adding orders which price
• Sulphite Pulp Advanced.-Prices increased $10 a ton to $100. Boston
will go to the Alabama and Colorado mills gives a total well above 1,000,000 "Financial News" Sept. 25, n 7.
tolls.
Motor Prices.-Ford Co. of Canada reduced price of touring and roadster
York Central's quota is put at 125,000
"In the above Calculation the New
"Financial America" Sept. 28, p. 5.
and that of the B. & 0. at 35.000 tons. models $40 and sedan and coupe $60.was
tons. the Pennsylvania's at 80,000
$125 on Hudson models, instead
Hudson Motor Car Co. reduction
the
in
final
negotiations.
increased
be
to
These amounts are expected
week.
last
reported
as
4105,
buying which followed the railroad of
"The remarkable run of locomotive
Oldsmobile Co. announced reductions of $65 to $125 on 8-cylinder models
while
orders
136,
being
week's
for
past
the
up,
kept
has
strike
shopmen's
models. "Boston News Bureau" Sept. 27,p.2.
The latter include 100 for the New York Central, and $100 to $150 on 4-cylinder
fully 350 are pending.were
Motor Production -Department of Commerce figures show that producfor 240 in all. The week's total of new cars is
whose last two orders are under
31 was 1,507,495 passenger cars and 159 907
Aug.
ended
months
8
for
tion
negotiation.
4,450 and 8,200 more a seasonal decrease in structural orders, fully one- trucks-total 1,667,402. The peak month of 1922 was June, when 263:027
Other Orders.-"With
work. A new sheet mill passenger cars and 25.984 trucks (total 289,011) were manufactured.
tank
for
been
have
contracts
week's
third of the
SEPT. 30 1922.]
THE CHRONICLE
January production was lowest with 81,693 passenger cars and 9,416 trucks
(total 91,109). The figures are based on reports from about 90 passenger
car and 80 truck manufacturers. In almost every instance the monthly
returns were from the identical companies.
New York Gas Rates Cut.—Public Service Commission directs reductions
of 5 cents a thousand cubic feet in gas rates of more than 60 cities throughout State. 'Times" Sept. 23.
Copper Wages.—Further advances were made in copper workers' wages
as follows: Butte (Mont.) district, 12%; Lake Superior, 155, and Utah
Copper Co.from 40 to 50 cents a day. "Boston News Bureau Sept. 28.
Silk Workers' Wages A dvanced.—Madison Textile Co. (Lack Haven, Pa.)
has increased wages 10%. "Philadelphia News Bureau' Sept. 22, p. 3.
Iron Mountain Workers' Wages increased—Employees (about 400) in
Ford Iron Mountain industries receive Ford scale wages—beginners, $5 a
'day and $6 after training period. "Philadelphia News Bureau" Sept. 27.
Cement Workers' Wages Increased.—Edison Portland Cement Co. raises
wages Sc. an hour affecting 600 employees. "Times" Sept. 29. p. 4.
Vermont Marble Works Announces General Wage Increase of 10% Effective
Oct. 1.—"Boston Financial News" Sept. 23, p. 3.
Koppel Car Repair Co. Makes Additional dncrease in Wages.—Total
increase during last month, 20%. "Phila. News Bureau" Sept. 27, p. 3.
Tool Workers Strike.—Ames Shovel & Tool employeesiat Brockton,iMass•
(about 250) strike when restoration of 25% wage cut made some months
ago is refused. First labor trouble at plant in 50 years. "Boston News
Bureau" Sept. 26.
Pottery Works To Close.—Although strike was voted for Oct. 1, almost
60% of workers have already quit. Members of U. S. Potter's Association
in,eonference at Pittsburgh decided to close plants rather than meet wage
Increase demand of 7%. "Boston Financial News" Sept. 23, p. 5.
Textile Situation.—(a) Manhasset Mfg. Co. (Putnam, Conn.) notifies
employees that upon expiration of present orders, all wages will be increased 2234%.
(b) Amoskeag Mfg. (Manchester, N. H.) gains 400 operatives—total
now about 4,000.
(c) In Massachusetts, Farr Alpaca at Holyoke opens mills 1 and 3 on
Sept. 25; Lowell Bieachery at Lowell increases wages 12%% and agreement
made under which striking loom fixers of Dwight Mfg. Co. (Chicopee)
will return to work. No wage concessions included in agreement.
(d) In Rhode Island, Knight mills open as open shop. Other corporations refuse to recognize unions. Operatives declare discrimination
was shown at Arctic, Centreville, Royal, Valley Queen, and Pontiac
mills when they returned to work. Mills have restored pre-cut wage scale
but keep 54-hour week.
Matters Covered in "Chronicle" Sept. 23: (a) Offering of $2,500,000
5% Lincoln Joint Stock Land Bank bonds, p. 1379. (b) Offering
of
$1.500,000 5% First Texas Joint Stock Land Bank bonds, p. 1380. (c)
Offering of$1,500,000 5% Federal Land Bank of Springfield, Mass.,
bonds, p. 1380. (d) Offering of $3,000,000 5% Southern Minnesota
Joint Stock Land Bank bonds, p. 1380. (e) Offering of $1,000,000
First Joint Stock Land Bank of N. Y. bonds, p. 1380. (f) Offering5%
of
$1,000,000 5% Liberty Central Joint Stock Land Bank bonds, p. 1380.
(g) Offering of $600,000 5% Mississippi Joint Stock Land Bank
bonds,
p. 1381. (h) Offering of $300,000 5% Arkansas Joint Stock Land Bank
bonds, p. 1381. (1) Offering of $1,000,000 5% Land Bank of the State
of New York bonds, p. 1382.
(.1) Repayments received by War Finance Corporation, p. 1383. (k)
Repayments to War Finance Corporation account of loans to
Rock Island & Pacific RR., p. 1383. (e) Advances by War Chicago
Corporation account of agricultural and live stock purposes, pFinance
1383.
(m) Subscriptions to U. S. Treasury Certificates of Indebtedness.
p.
1383. (n) Veto of Soldier Bonus Bill by President Harding, p. 1384.
(o) Enactment of Tariff Bill by Congress, p. 1387.
(p) Ford plants re-open after brief shut-down, p. 1391. (q) Course
of wholesale prices in August, p. 1391. (r) Decrease in retail prices
of
food in August, p. 1391.
(s) Typographers reject proposal of one big union in printing trades,
p. 1391.
(t) Conference of Federal and State fuel administrators, p. 1391. (u)
New anthracite retail prices in New York, p11392. (v) State Fuel Administrator issues first order restricting anthracite supply to consumers
to two weeks, p. 1392. (w) goy. Sproul (Pa.) issues proclamation on
hard coal prices, p. 1392.
(x) The Hague Rules 1921. regarding bills of lading analyzed by N.
Y. Board of Trade and Transportation, p. 1396.
(y) A. F. of L. to seek amendment to Constitution limiting power of
courts in declaring Federal laws invalid, p. 1396.
(s) President Harding sings Grain Futures Act, p. 1390.
1535
American Power & Light Co.—Bonds Called.—
All of the outstanding 20-year 8% Secured gold bonds,
May 2 1921.
have been called for payment Nov. 1 at 1073 and int. atdated
the Central Union
Trust Co., trustee, 80 .Broadway, New York City.
At any time prior to Nov. 1 the company will purchase at its office
71 Broadway, N Y. City, any or all of said bonds at 10734 and int. to at
date
of purchase.—V1 115, p. 762.
American Railway Express Co.—Obituary.--
Chairman Burns D. Caldwell died at Burlington, Vt. Sept. 25. Mr.
Caldwell was also President and a director of Wells, Fargo&
'
a director
of the Pacific Oil Co., the Texas & Pacific Ry. and the Co.
United States
Mortgage & Trust Co.—V. 115, p. 439.
American Shipbuilding Co.—Report—To Retire Pref.—
The annual report for the year ending Juno 30 1922, issued this week,
shows gross income (after manufacturing expense) of $1,369,757.
as compared with $2,391,126 for 1921, net income, after all expenses, depreciation,
&c., amounted to $71,083, against $530,764 in 1921. Pr. diva,
paid,
$428,498; common diva, paid, $5,203,880. Profit and loss surplus,
$7.221,387.
The stockholders will vote Oct. 11 on decreasing the authorized Preferred
stock from $7,885,600 to $785,600, par $100. The original authorized
Pref. stock of 150,000 shares was reduced 71,144 shares by purchase and
retirement on March 28 1922, leaving 78,856 shares outstanding. The
purpose of reducing the authorized capital, it is stated, is for saving taxes.
—V. 115, p. 76.
American Steel Foundries.—Receives Dividend.—
President R.P. Lamont says: "The Griffin Wheel dividend (see below)
simply transfers funds from one account to another. It does not change
the consolidated balance sheet and it has no other significance." V. 115.
p. 762, 648.
American Telephone ez Telegraph Co.—Notes Due.—
All of the outstanding 3-Year 6% gold notes, due Oct. 1 1922, will be
paid at maturity at the Bankers Trust Co., 16 Wall St., N. Y. City,
or,
at the option of the holder, at the Merchants National Bank, 28 State
St..
Boston, Mass.—V. 115, p. 1431, 1323.
American Tobacco Co.—Complaints Filed.—
The Federal Trade Commission has filed complaints charging unfair
methods of competition in maintenance of wholesale prices against the
following tobacco manufacturers and distributors: American Tobacco
Co..
P. Lorillard Co., Inc.. Liggett & Myers Tobacco Co., Tobacco Products
Corp., Falk Tobacco Co. (subsidiary of Tobacco Products) and
cinnati Wholesale Tobacco Association.—V. 115. p. 1324, 871. the Cin-
American Window Glass Co.—To Enlarge Plant.—
The company is accepting bids for the erection of the proposed addition
to its plant at Jeanette, Pa. consisting of a main one-store 12-machine
building, estimated to cost about $1,500,000. It is stated that no new financing will be required.—V. 114, p. 525.
American Wire Fabrics Corp.—Bonds Offered.—E. 11.
Rollins & Sons and Spencer Trask & Co. are offering at
100 and int. $1,500,000 1st Mtge.7% 20-Year Sinking Fund
gold bonds, Series "A" (see advertising pages).
Dated Sept. 1 1922. Due Sept. 1 1942. Red. all or part on any
date on 30 days' notice at 107% and int. on or before Sept. 1 1928 int.
and
thereafter at 107%.less % of 1% for each full year elapsed between Mar.
1
1928 and the date of such redemption. Int. payable M.& S. in New
and Chicago, without deduction for any normal Federal income taxYork
not
exceeding 2%. Penna. and Conn. 4-mill taxes and Maryland 4
tax refunded: Denom. $1,000, $500 and $100 (c5). Equitable Trust Co..
New York, trustee.
Data from Letter of President C. K. Anderson, Chicago, Sept. 28.
Company.—Incorp. Sept. 1 1922 in Delaware. Has acquired the ussets
and succeeded to the business of the American Wire Fabrics Co.,
was incorporated in 1911. Is one of the foremost manufacturers ofwhich
highgrade wire screen cloth in the country.
Business and Property.—Manufacturing plants located at Mt. Wolf.
Pa., and Blue Island, Ill. Combined properties
cover a total ground area
of about 15 acres and have an aggregate floor space of about 215,000 r.q. ft.
Manufacturing equipment consists ofscreen cloth weaving looms,electrically
driven, of most efficient design, together with
Abitibi Power & Paper Co., Ltd.—Resumes Dividend.— and
neces.sary warp, spool
bobbin winders. Each plant has completethe
units for annealing. galA dividend of $1 per share has been declared on the outstanding 250,000 vanizing
shares of Common stock, no par value, payable Oct. 20 to holders of record ments. and painting processes in connection with the weaving departProducts
consist
of high-grade wire screen cloth, woven from steel,
Oct. 10. In Anril 1921 a dividend of $1 per share was paid; none since.— copper,
bronze. Monel metal and other wires. These
are used for
V. 115, p. 1323, 990.
house screens, fireplace screens, sieves, pianos and on fabrics
ships and Pullman
cars.
Acker, Merrall & Condit Co. —Disposes of Cigar Dept.—
Capitalization after this financing—
Authorized. Issued.
The stockholders Sept. 28 ratified a contract between the company, First Mortgage 7%
gold bonds (this issue)
$2,000,000 51,500.000
G. W. Faber, Inc., Albert H. Gregg, and Sherman P. Coe, providing Capital stock (par
$100) (all owned by Wickwirefor the consolidation of the wholeslae cigar business with the business of
Spencer Steel Corp.)
2,000,000
2.000,000
G. W. Faber, Inc., through the organization of a new corporation to be
Sinking Fund.—Indenture provides to; a sinking fund
sufficient to retire
known as Faber, Coe Q Gregg, Inc. Stockholders of G. W. Faber & by purchase
or call $50,000 of Series "A" bonds on Mar. 1 of each year
Co. also approved the contract.—V. 115, p. 1431.
from 1924 to 1933, incl., and $100,000 on Mar. 1 of each year thereafter.
Net Income, After Deducting Depreciation but Before Federal Taxes, Years
Alabama Power Co.—Transmission Line.—
President Thomas W. Martin has announced that the company will
Ended July 31.
Immediately begin the construction of a 110,000-volt, 90-mile transmission
1918.
1919.
line from Mitchell Dam, on the Coosa River, to Opelika and Lanett.
' 5735,606
$661,8r 1
.2
98,
154.
922.
2100
0%0
$568
$5
192.
718
$5
15
9
Surveys of rights of way are now being made. It is understood that
Purpose.—Proceeds will be used in part
payment for the assets of the
American Wire Fabrics Co., which are
the work will cost approximately $1,000,000.—V. 115, p. 1431, 1212.
to be acquired, •
Balance Sheet July 31 1922 (After This Financing.
•
Alaska Juneau Gold Mining Co.—Earnings, &c—
Assets.
Liabilities.
The statement for the first 8 months of 1922 shows: Tons of ore trammed Cash ___
$104,060 Accounts payable
$19
5
65
5,Rjs
1,389,560; tons of ore milled, 710,740; gold, silver and lead recovered, Notes receivable
13,695 Accrued accounts
$809,600; total expenditures, $676,000; profits from operations, $133,600; Accounts receivable
230,599 Federal taxes
Interest on funded debt; $128,000; net, $5600.
Inventories
5
74
tides
38
4;
s
469 F
lin
i.
abbio
66
itgle
Dir
efsetrrNed
It is stated that earnings of August and June were sufficiently large to U. S. Govt. pecurities_ _ _ _
1.500.000
318
overcome deficits in the other six months of the year.—V. 108, p. 1061.
Reserves & adjustm'ts___dr.210,901 Capital stock
2,000,000
Surplus
256,004
American Bosch Magneto Co.—Would Set Aside Sale.— Total
$1,420,5891S
Washington dispatches state that suit to set aside the sale of the Bosch Miscell. investments
Magneto Co. and return it to the Alien Property Custodian wUl be filed Real est., mach. & equip_ 2,436
6,
0988
by the Government in the U. S. District Court at Springfield, Mass,. Deferred charges
Total (each side)
155,201
34,018.690
about the middle of October.—V. 115, p. 871. 648.
American Can Co.—New Building.—
The company,has purchased the 6-story brick factory at 118-124 Pearl
St., Brooklyn, N. Y., adjoining the present plant. In July last the company's 8-story factory at 447453 West 14th St., N. Y. City, was sold to the
National Biscuit Co. See V. 115, p. 439.
American Car & Foundry Co.—Equipment Order.—
The company has received an order from the Baltimore & Ohio RR. for
1,000 steel hopper freight cars to cost about $1,700,000.—V. 115, P. 1323.
American Machine & Foundry Co., N.Y.-To Inc. Stock.
The stockholdets will vote Oct. 17 on increasing the authorized capital
stock from $2,000,000. par $100, to $10,000,000, par $100..
In the event that the increase of capital stock is authorized by the
stockholders, it is the intention of the company to issue a portion of such
Increase as a stock dividend.—V. 114, p. 2244.
American Pneumatic Service Co.—Tube Contract.—
The contract to be signed by the company and Postmaster-General Work
for the operation of mail tubes in New York and Brooklyn calls for an annual
payment of $18,500 per mile of the company's 27.44 miles of double tube.
The total income will thus be $507,640. This service will be furnished by
the New York Pneumatic Service Co., a subsidiary of the American Pneumatic Service Co., which owns the entire $300,000 stock of the New York
company. The mail tube system in New York is carried on the books of
the New York company at $3,000,000. This sum was advanced by the
American company, which accepted the New York company's notes.
Notes are now outstanding to practically the full amount. These notes
bear interest at 6%, but no interest has been received since the tube service
was discontinued on June 30 1918. No dividends have been paid on the
stock.—V. 115, P. 1213, 439.
Anaconda Copper Mining Co.—New Director.—
Williaml'ere y R
Ao
.
ck
R
eoc
felki
h1a1s.
5 bp
been
e.
e 14electeddirector to succeed the late
a
tle3124.
Associated Motor Industries, Inc., Chicago.—Status,
&c.—An official announcement affords the following:
History and Capitalization.—Originally incorporated in Delaware Sept.
7
1921, with an anthorized capital stock of $40,000,000 Preferred stock
(Par
$100) and 400,000 shares of no par
Common stock. The authorized
capital was subsequently increasedvalue
to $40,000,000 Preferred stock and
800,000 shares of no par value Common
stock.
As of July 15 1922 96,266 shares of Preferred
stock had been isSued, and
181,732 shares of no par value
Common
stock.
The company was formed to effect the consolidation of approximately
20 companies active in
automotive or associated industries. For legal
and other reasons thesethe
companies were divided into three groups. The
first group contains
8 companies whose properties have been taken over
in fee simple, and all details,
legal and financial, are fully completed. The
identity of the companies included
in the second and third groups will be
announced as soon as the details connected with the absorption in fee simple can be consummated. The consolidation effected is a physical
merger
and not a holding company, and the consolidated company is acquiring
all
titles in fee simple and is receiving absolute ownership of personal property.
aaltleclo
xnv
se
8y
0a,o
n
completed, the combined assets will aggregate
ap‘pThroxe
0
ea,0
(
afOe
Companies in First Group.—National Motor Car & Vehicle Corp. of Indianapolis (V. 115, p. 190)•, Traffic Motor Truck Corp. of St. Louis;
Recording & Computing Machines Co., Dayton, 0.(V. 115, p. 190);
Covert
Gear Co., Inc., Lockport. N. Y.: Kentucky Wagon Manufacturing
Co.,
Louisville (V. 115, p. 1216); Jackson Motors Corp. of Jackson. Mich.
(V. 115. P. 4421; Saginaw Sheet Metal Works, Saglnaw, Mich. and the
M.& T. Co-p. of:want
The combined manufacturing finer space
1536
THE CHRONICLE
[VOL. 115.
Dividends.-It is the intention to pay dive, at the rate of $2 per share.
approximates 43 acres.
and to
under cover of the 8 plants included in the first group
Purpose.-Proceeds will be used for additional working capital
ation unless it was able to
company.
No company was permitted to join the consolid
mately three acquire the interest of others now connected with the
readjust its financial status so as to show gross assets approxi
-Rich
.
times its liabilities or better.
ah- Fisheries Co. Chicago.-Notes Offered
contract with the comAdditional Financial Facilittes.-Under a specific
the com- ardson, Hill & Co., Boston, are offering at 97M and int.,
for
handle
to
ken
underta
has
firm
banking
tive
pany, a conserva
,000 in dealer and auto- to yield about
pany a yearly turn-over of approximately $35,000
731% $5,000,000 7% 15-Year Sinking Fund
the company is enabled
motive consumer paper. Under this arrangement
capworking
liquid
notes.
gold
their
tible
of
90%
Conver
to
up
with
to furnish its accredited dealers
is believed that this
M.& S. at the
Dated Sept. 15 1922. Due Sept. 15 1937. Int. payableNationa
ital at practically the current rate of interest. to It
l Bank,
n a strong cash
maintai
times
all
at
y
compan
the
of
enable
Chicago, trustee, or at Chase
Illinois,
on
will
Co.
Trust
affiliati
Central
up to 2%.
tax
income
without deduction for normal Federal
liquid position.
has closed a firm under- New York,
part, on any int, date on 30
or
all
Red.,
(c*).
and
$500
Preferred Stock Underwriters.-The companyCumul.
$1,000
Denora.
m deCony. Pref. stock.
at 110 and int. on or before Sept. 15 1927, the premiu
writing contract for the sale of $3,500,000 8%
Remaining
above submitted. One- days' notice
1% each year thereafter. Authorized, $7,500,000.
This financing is not included in the statement
ting will be used in liquidating creasing
Debs. due April 11926.
6%
the
or
retire
be
used
to
refund
shall
000
third of the proceeds from this underwriwill
$2,500,
fund,
be used for additional workobligations and the remaining two-thirds
Sinking Fund.-Company will covenant to set aside as aofsinking
d stock for
earnings
1925, annual sums equivalent to 5% tonet
ing capital. The company has already qualified its Preferre
s the stock has conunencing April 15for
used, so
be
sums
such
year,
g
fiscal
precedin
the
sale in many States, including Illinois, and in all instance
&
deprec.)
(after int.
exceeding
, for the purchase of notes in the market at not
been granted a preferred rating.
ded
issue was authorized, far as possible
Bond Issue.-A. 10-Year 734% $6.000,000 bond
extent that notes are not so purchased the unexpen
was divided into par and hit. To theto
issue
bond
This
1
1922.
July
of
d
as
delivere
.
and
d
the
company
execute
balance shall revert
Series
bonds.
"B"
Series
000
Exch.
Stk.
83,000.000 Series "A" bonds and $3,000,
Listing -Application will be made to list on N.Y.and Chicago
ed property over Series
"A" bonds are accorded priority on the mortgag
The Series "A" Data from Letter of Presidew t K. I., Ames, Chicago, Sept. 21 1922.
"B" bonds. The entire bond issue matures July 11932.
which
business
a
over
Company.-Incorp. in Delaware in 1909 and took the Middle West of
bonds have been sold for cash.
been pledged as collat- had,
for half a century, been the largest distributer in
The entire 83,000,000 of Series "B" bonds have
Fishnotes
stern
which
Northwe
notes,
gold
Trust
the
Coll.
1911
In
-Year
foods.
sea
10
other
and frozen fish and
eral security to $2,700,C00
ons of the constit- fresh
purchased, and the
eries Co.. owning 9 salmon canneries in Alaska, was constitu
have been used to fund bank loans and creditor obligati
ted may be
now
as
ially
y
substant
Booth
compan
the
of
units.
history
uent
e on all real estate, said to date from this acquisition.
This bond issue is secured by a closed first mortgag
owns) is now
at St. Louis, IndianapThe company (including subsidiaries all of whose stock it
buildings, and fixed assets of the company located
. There is no the
ter of sea food
Atlantic
and
t
,
Lockpor
Jackson
Dayton,
le,
largest and most important manufacturer and distribu
olis, Louisvil
known form
personal
the
of
every
any
on
lly
bonds
practica
of
the
products in the United States. It handles
lien of any kind or description in favor
lien of the mortgage being of sea food, including canned salmon, canned sardines fresh, frozen smoked
property or liquid property of the company, the
sea foods.
assets.
neous
fixed
and
s
miscella
and
building
estate,
lobsters
real
the
,
to
oysters,
ely
salted fish of all varieties
limited solely and exclusiv
and buying stations on
Trust Co., Chicago, and and
Company maintains more than 100 producing large
The trustees under the mortgage are the Union
and rivers of
ready worklakes
to
provide
was
the
on
issue
and
Coasts
bond
this
of
Pacific
and
Gulf
purpose
,
The
.
Atlantic
H. A. Wheeler
are to be used for the United States and Canada. With the exception of salmon, company
ing capital. None of the proceeds of the sale of bonds
its fish from local
that the current assets the
does practically none of its own fishing, but purchases
expansion purposes. The trust indenture provides
company shall fisherm
that
and
es,
liabiliti
current
of
200%
en when and as needed.
shall at all times exceed
y also operoutall
of
Compan
total
the
lines.
of
at
Operates 2 freight and passenger steambo
at all times maintain net current assets in excess pledged. Provision is
nt distribution centres.
bonds
ates its own public cold storage plants at importa
standing bonds, including the Series "B"
nt centres
is
importa
which
of
at
hed
one-half
year,
establis
each
agencies
and
0
Maintains 75 branch houses
also made for a sinking fund of $500,00
business of apion of Collateral for
the distribution of its products. Does a gross annual
applied to the Series "A" bonds and one-half to the liquidat
000.
$27,000,
tely
Trust gold notes.
canneries (15 in Alaska,
audits, the combined proxima
Physical properties consist of 17 salmon packing
Earnings.-Based on figures derived from certifiedes now comprising the
with combined annual capacity
1 on Puget Sound and 1 on Columbia River)
average annual net earnings of each of the compani
the
for
8 sardine canning
case);
earnings
the
net
to
cans
annual
1-lb.
average
(48
shows
salmon
es,
1,000,000 cases of
Associated Motor Industri
of 800,000
Including the loss and of
and 2 in New Brunswick, annual capacity
five years preceding 1921 of $2,710,541 per year.
g 1921 plants, 6 in Maine
, Minneapolis, St.
includin
Chicago
period
at
year
6
located
the
for
plants
storage
earnings
cold
same
the
public
6
cases;
depression period,
seaboard
and
for
e
river
lake
schedul
ion
100
product
than
's
more
Company
Paul, St. Louis, Seattle and Buffalo;
average $1,861,309 per year.
es.
1922-23 is 30,000 cars and 13,000 producing and buying stations; 2 steamship lines and Other properti
the first group for the automobile year
Gloucester, Mass.
at
1922-23
for
y
trucks
and
propert
of
cars
sales
The
valuable
a
.
ed
business
purchas
y
parts
recently
Compan
has
trucks, exclusive of
already
y
Compan
12141.
p.
(from Gorton-Pew Fisheries Co., V. 115,
are estimated at $44,000,000.
ly Pres. Recording & Com- its plans developed for the establishment, when conditions are opportune,
Directors.-W111 I. Ohmer, Chairman (former
operation.
ly
(former
le
t
profitab
Presiden
in
urg,
are
stores
Ruthenb
10
Louis
;
Already
Dayton)
of a chain of retail stores.
puting Machines Co.,
debt and
A. Gloetzner, Vice-Pres. (Pres. of
Purpose.-Proceeds shall be used for the reduction of floating
Manager of Delco Co., Dayton); A.
T. C. Brandle, Vice-Pres. (V.-Pres. in for additional working capital.
redempCovert Gear Co., Lockport, N. Y.)•,Motor
earlier
Robert
or
y
Louis);
St.
maturit
Corp.,
Truck
before
time
any
at
Traffic
Convertible.-Convertible
for
charge of Merchandising of
y Wagon Mfg. Co., Louisville); George tion into no par value Common stock at the rate of 50 shares of stock
V. Board, Vice-Pres. (Pres. Kentuck
Vehicle Corp., In- each $1,000 note.
&
Car
l
Motor
Nationa
(Pres.
s.
Vice-Pre
M. Dickson,
g).
Corp.,
Motors
Jackson
.
Financin
s.
(V.-Pres
Present
Vice-Pre
dianapolis); W. W. Sterling,
Consolidated Balance Sheet July 1 1922 (After
Flattery (Managing Director of Loew's
LiabilitiesJackson, Mich.); M. DouglasR.
AssetsDuffin (Pres. Inter-Southern Life Ins.
$4,999,800
Preferred stock
Theatre Co., Boston); James
also
,
l
Counsel
estate, &c., less res.
(Genera
Real
Treas.
&
00
Sec.
,
stk.(250,000no par) 5,000,0
Corn.
Co., Louisville); Carl L. V. Exselsen
,438
$14,661
08
for depr. of $4.451.5
bankers, Chicago).
5,000,000
Co.,
&
l
Crandal
A.
notes_
ble
Roland
converti
of
Treas.,
165,961 7%
Indianapolis); Investments in allied cos.
Corp.,
Vehicle
00
&
Car
2,377,0
Motor
l
Nationa
_
M.E. Elstun (Treas.
1,559,153 6% Deb. bonds, 1926_
806,000
Truck Corp., St. Louis); H. J. Linkert Cash
Guy Wilson (Pres. Traffic Motor
838 Subsidiary cos' mtge. bds. x3.451,250
; C. V. Hale War Savings stamps_ _ _ _
Dayton)
Co.,
s
Machine
ng
Computi
&
ng
payable
(Treas. Recordi
45,946 Notes
Unexpired insurance_ _
503,616
Sheet Metal Works, Saginaw); H. F. HolAccts. pay. & accruals_.
(V.-Pres. & Gen. Mgr. Saginaw
y Notes & accounts receiv150,208
k Body Co., N. Y. City); C. L. Hallada
brook (Pres. H. F. Holbroo
958,581 Notes payable, secured
); Robert C.
able, less reserve_ _
Jackson
Corp.,
787,060
Motors
Jackson
_
_
_
_
of
Mgr.
reserves
and
(V.-Pres. & Gen.
150,208 Surplus
bankers, Boston). Temporary executive of- Notes receivable, secured
5
4,149,57
Morse (Jackson & Curtiss,nt
__
&
supplies
ies
Mich.
Inventor
Detroit,
will be located at
$23,074,934
Total (each side)
1,383,234
fices, Dayton,0. Permane offices
Deferred charges
Condensed Balance Sheet as of July 15 1922.
receipts for salmon.
se
warehou
by
secured
are
000
es.
$2,728,
Liabiliti
amount
this
x Of
by Jan. 1 '23.
Assets.
entire amount will be liquidatedcharges,
after
$1,365,940 Open acc'ts payable_ _ _ _ $897,061 Estimated that practically this
e for interest
Cash
313,000
Earnings.-Net operating earnings availabl
922,720 Notes due Jan. 151923.._
ended Dec. 31:
years
for
tion,
Accounts receivable_ _ _ _
deprecia
before
00
but
s
3,000,0
expense
_
g
all operatin
10-Year 1st M. 7%8and
$61,581
nces
accepta
-920
7,67711
Notes,
83,738 10-Year Coll. Trust gold
-41,050,54611915 __$1,042,77011918 __$2,21
1921 -,*1.214,852
drafts
2,700,000 1912
notes
779,610 1916 __ 1,659,295 1919 -- 1,433,239
418,251
*Deficit
Investments
762,036 1913-_
due July 1 1923_ _ 3,388,829
Notes
1917
07
921,488
6,773,9
1914
Inventories
80,103
1919 have been fully
Dealers' deposits
tax claims for the years 1917, 1918 and
Federal
The
by the Govt.
Land, bldgs., mach'y &
75,000
co.
ncies
the
to
continge
for
ent
Reserve
t of a substantial adjustm
equip., less deprec'n of 10,135,379 Preferred 8% stock
9,626,600 settled by the paymen
the annual interest requirements on
Upon completion of this financing funded
$3,380,470
mately
approxi
be
for
e
will
debt
availabl
Surplus
28,547
other
the 85,000J:100 notes and all
Insur., int., taxes, &c_
181,732 Common no75,540
Supplies
2,800,222 t.540,000.-V. 115, p. 1214, 1103.
shares
value
par
450,000
exp_
Underwriting & org.
er Dividend.
1
Boston Consolidated Gas Co.-Larg on the Common stock,
Good-will and patents_ _ _
declared
A quarterly dividend of 2% has been
company
$20,254,021
Tte
28.
Sept.
Total liabilities
record
of
,021
holders
$20,254
to
par $100, payable Sept. 29
Total assets
since 1918.has been paving dividends at the rate of 7% per annum
-V. 115, p. 186, 440.
V. 115, p. 1103.
Works.-Unfilled Orders, &c.-ed Off.Baldwin Locomotive y has so far this month taken on more than
Brier Hill Steel Co.-Proposed Merger Declar
compan
It is stated that the
plant is operating at 60% of
the
that
and
See Youngstown Sheet & Tube Co. below.
business
$11,000,000 of new orders on books approximate $37,000,000.-V. 115,
capacity. Unfilled
To Rebuild Niles Mill.of the Thomas Plant
The directors on Sept. 19 authorized the rebuilding
P. 1432.
once and is expected
30.
June
Sheet
l.
n.-Ba
(0.) at a cost of$1,000,000. Work will start at
Bosto
Niles
Co.,
at
ing
will add 25%
stated,
is
it
ng,
Bates Manufactur
rebuildi
The
six
months.
to be completed in
1921.
1922.
1921.
1922.
to the capacity of the Niles mill.
Liabilitiesdividend of $1 75 a
y
quarterl
regular
the
s
declared
have
director
The
Assets1,800,000 1,800,000
77.
4,216,767 Capital stock
249,785 share on the Preferred stock, payable Oct. 1.-V. 115, p. 872,
Real est.& mach__ 4,5',5,729
178,036 Guarantee fund__ _ 249,785
476,382
750,000
Securities
750,000
Impt. funds
167,095
.
Rumors
er
70,940
rs.
-Merg
Burns
Brothe
6
Insurance prepd
to consolidate
848,483 Res. for deprec _ _ _ 1,229,767 1,061,89
860,194
It was reported in the financial district this week that plans
380,628
Cash
organization which
1,178,162 Other reserves_ __ _ 244,771
23,333 the retail coal companies in various cities into a national
18,862
Accts.receivable 1,081,5700 1,446,570 Accts. payable_ _ _
were being
,000
$50,000
mately
2,167,45
approxi
of
total
zation
capitali
25 will have a
will be
Inventories
Deferred credits_
nucleus of the organization
the
that
stated
reports
The
d.
6
discusse
3,669,44
0
of Chi4,939,08
and
Co.
tem.__
7,935,113 Profit
the Consumers
the Burns Brothers, with which will be merged
proposed
Total(each side) 9,232,265
the
with
ion
connect
in
cago. Conflicting statements were issued
-V. 113. P. 538.
consolidation
-Organized.
according to dispatches,
Fred W. Upham, Pres. of the Consumers Co., been
Best-Clymer Co. Co. below.
under consideration
is quoted as saying that "while the matter has not
See Best-Clymer Mfg.
on in the immediate
recently and there are no prospects of further discussi
-Successor Company.merge."
will
Co.
es
Mfg.
compani
two
the
ly
that
er
eventual
Best-Clym
Dieterle, Chairman, future, I believe
'Our directors have neither
ders' committee, Edward
es
President M.F.Burns of Burns Brothers said:
The Preferred stockhol
-Clymer Co. to take over the properti
distributing companies
Best
local
the
other
by
i
with
ed
merging
in
Missour
bid
consider
or
d
and
in
approve
Aug. 22
has organized
no foundation.
were sold at trustees' sale on
cities. Rumors to that effect have
of the company, which 0. The following have been listed as stockholders or companies in other
Wilkes-Barre, they distort
"As for references to our control of Lehigh's&outstanding 100,000 shares,
the committee for $510,00
, M. G. Clymer, L. D. Dozier Jt.,
Dieterle
company
Edward
of
that
10,000
only
own
y:
We
In the new companRosen, W.F.Carter, W.C. D'Arcy, Rudolph A. Huber facts.
capital of $9,210,000.
and our investment is only $400,000 of total
T.P. Bates, Louis
coal are on our books are
"The statements that orders for 3,000,000 tons
and Sam B. Jeffries. formerly a subsidiary of the bankrupt Temtor Corn
.
ordered
been
has
that
amount
near
e
false, Nowher
The company was -V.115, p. 1103, 872.
talk concerning such an
some
"While I have heard from outside sources y considered, and the articles
& Fruit Products Co.
seriousl
is
being
it
that
me
to
news
is
it
.
Idea,
-Export Corporation Formed
Corp.
the meantime, those rumors, unless likely to be conBethlehem Steel
Bethlehem Export Corp., are a revelation. Ininjuriou
s to Burns Brothers. If the newspapers would
organized in Delaware the
The company has capital
000. The action of the corporation summated, are very
$1,000,
of
over our annual report, which is available, before
look
to
ed
to liquidate the take the trouble
the
decision
follows
with an authoriz
ry
subsidia
would find that we have no resources as menng
g the foreign business writing such articles, they
in organizing an exporti
lost considerable money, and our
which has been handlin
tioned, because since April 1 we have
p. 1432, 1324.
115,
Consolidated Steel Corp.,
-V.
.
country
It goes without saying that with no coal to
this
date.
report was up to that
of 11 steel companies in
overhead, we could not very well be making
large
tively
compara
d.a
and
Offere
k
0.
sell,
-Stoc
and,
Clevel
deal of money."-V. 115, p. 1324, 312.
Bond Clothing Co.
Cleveland, is offering at $20 per share a great
Roland T. Meacham,
han Zinc-Lead Co.-Listing.
shows:
A
.
r
Calla
value)
circula
par
(no
000
The New York Stock Exchange has authorized the listing of $2,500,
59,000 shares capital stock
y issued, 100,000 shares
each, making the total amount applied
$10
par
and to be presentl
stock,
al
ized
Capital
addition
-Author
Stock.
d
Capital
or Preferre stock.
bonds
no
has
y
(no par value). Compan in 1915. Operates stores in 13 different cities for $7,500.000. e committee on Sept. 21 1922 adopted resolutions which
The executiv
Company.-Established
Brunswick, N. J. Also
time between the date of these resolutions
2 factories at New
tures and sells direct to the provide (1): That at such
in the United States and owns
may deem advisable, there be
, N. J. Manufac
y and Dec. 31 1922, as the executive officers the
Compan
s.
and
overcoat
leases a factory at Trenton
suits
men's
stores,
privilege of subscribing to
ders pro rata
stockhol
own
record
the
to
its
offered
through
r,
consume
deliveries.
no
makes
and
extends no credit
SEPT. 30 1922.]
THE CHRONICLE
100,000 additional shares of Capital stock at par, in the proportion of one
new share for each five shares now held by them, respectively. Any stock
not subscribed by the stockholders may be sold for cash at not less than the
par, or may be issued for real or personal property, services, leases, options
to purchase, &c.
(2) That between the date of this resolution and June 30 1923, but after
the above 100.000 shares have first been offered to stockholders and either
taken by them or otherwise disposed of, the executive officers offer to stockholders of record pro rata 150,000 additional shares at par for cash in the
proportion of one new share for four shares then held. In the event that
any stock shall not be subscribed by stockholders, the executive officers
may dispose of it as before indicated.
Balance Sheet as of July 31 1922.
AssetsLiabilitiesProperty accounts
$5,041,659 Capital stock
$5,000,000
Cash
303,467 Wages payable
3,424
Accounts receivable
2,465 Accounts payable
5,106
Loans & accrued int. rec_
61,965 Taxes accr. (State taxes)
2,170
Milling ore on hand_ __ _
932 Res. for depreciation_
275,861
Supplies
55,175 Capital stock surplus__ _ 1,060,363
Inv. in oth. min. prop
503,842 Deficit
376,382
Deferred charges
1,037
Total
$5,970,542
Total
$5,970.542
Pres. John Borg has confirmed the reports from Wallace, Idaho, that
mining operations at the properties of the company are to be resumed at
once. The resumption was decided upon because of the higher price
for zinc, the small surplus of metal on hand and the general improvement
in the industry.-V. 115, p. 548.
Carnation Milk Products Co.-Notes Called.-
All of the outstanding $3,000,000 5-year 7% Cony, gold notes dated
May 1 1920, have been called for redemption Nov. 1 at par and interest at
the Continental & Commercial Trust & Savings Bank, trustee, Chicago,
Ill., or at the option.of the holder, at the National Bank of Commerce,
New York City; the Bank of California, N. A., San Francisco, Calif.; or at
the Dexter-Horton National Bank, Seattle, Wash.-V. 110, p. 2078.
Carpenter Steel Co., Reading, Pa.-Merger Rumor.-
It is reported that this company, which was expected to merge with
Penn Seal:wird Stael Co.. is negotiating for a merger of the Ludlum Steel
Co.-V. 115, p. 763, 649.
Central Coal & Coke Co.-No Common Dividend.-
The directors have voted to omit the quarterly dividend on the outstanding $5,125,000 Common stock, par $100, usually paid Oct. 15.
Regular Dividends Paid on Common Stock from January 1901 to Date.
1901. 1902. 1903-1913. 1914. 1915-1917. Jan. 1918-July 1922 incl.
4%
5% 6% p.ann. 43-%
None
x 1%% quarterly
it In addition, extra dividends of 1% were paid on
the Common stock
In July 1920 and in Jan. 1921.
The directors have declared the regular quarterly dividend of 1 X% on
the Pref. stock, payable Oct.15 to holders ofrecord Sept. 30.-V.114,p.2120.
Charcoal Iron Co. of America.-To Redeem Bonds.-
The company will on Nov. 1 redeem $101,500 of its 1st Mtge. gold bonds
at 113.75% of par and interest.-V. 114, p. 2018.
Chemical Foundation, Inc.-Time Eztended.-
The request of the company for an extension of time in which to answer
the Government's suit against them has been granted. The time
limit
has been continued to Oct. 27.-V. 115, p. 1325, 312.
Chicago Pneumatic Tool Co.-Earnings, &c.-
Chairman Charles M. Schwab is quoted as saying that the company is
now earning a little better than the dividend requirements and that the
volume of business is now 2% or 3 times greater than was earned during
the early part of the year.
In regard to railroad buying, Mr. Schwab is quoted as saying that, while
business from this source was considerable during the fall months, at the
present time there was a slight falling off in railroad buying, but that indications are that within a short time the railroad buying would be renewed
on a very substantial scale.
The regular quarterly dividend of 1% has been declared payable Oct. 25
to holders of record Oct. 14.-V. 115, p. 1325.
Cities Service Co.-To Reduce Funded Debt.-The company has announced that it intends to redeem, at prices not
exceeding 102 and int. $3,000,000 Cony. Gold Debentures,
Series "B," 7%, due Ian. 1 1966; $500,000 on Dec. 4 1922
and the additional $2,500,000 in lots of $500,000 each from
time to time, the entire $3,000,000 to be redeemed prior to
Sept. 1 1923.
Proposals are invited to be made to the company up to
Oct.9 for the sale of the $3,000,000 of debentures at not to
exceed 102 and int.
The total amount of Cities Service Co. Convertible Debentures outstanding in the hands of the public Aug. 31 1922 was 332,035,091, all
being of equal priority and of the same maturity date. 1966, but varying
somewhat in respect to conversion privileges. Of the total, the Series
"A" has been reduced through conversion to $27,200, the amount,of Series
"B" debentures outstanding being $5,855,350, and the Series '0" ana
"D" making up the balance. II is un,_erstood that some of the recently
Issued 8% Debentures, Series "E," may be redeemed in connection with
the refunding plan of the company.
President Henry L. Doherty in a statement dated Sept. 23
to all security holders regarding the debenture bonds,says
in part:
The notice of call for redemption Is the first since the adoption by the
company of participating convertible debentures as a vehicle of finance,
and the company deems it a duty again to inform the holders of its securities of the nature of these debentures and to call attention to the fact that
It is not to the advantage of the holders to make tenders, as these debentures have a much higher market value. The notice is published simply
to comply with the terms of the agreements with the trustee.
In working out the provisions of these bonds the aims of the company
were:
(1) To create an attractive security which would be eagerly sought by
Investors. This was primarily accomplished by making the issue convertible into stocks, with an additional profit-sharing feature, through the
accrual of Common stock dividends which are accumulated and added to
the conversion rights.
(2) To create a bond which would not lessen the attractiveness of the
Preferred stock as an investment security, because, while ranking ahead of
the stock, nevertheless ii is not a mortgage on the assets of the company.
This was accomplished by making the bond of lung maturity (1966) and by
accumulating dividends on the Common stock in an amount sufficient to
reasonably assure the early retirement of the bond. In other words, it
would be apparent to anyone studying the bond that it was a temporary
obligation only, it being ta the interest of the company to retire it at the
earliest possible date.
(3) To create a bond which the company could convert at any time it
was advantageous to do so and at the same time to entirely control these
conversions by making the provisions of the bond such that it would always
be to the interest of the holder to retain it as long as possible. This was
accomplished by the participation feature of the conversion right, the holder
of the bond getting all of the dividends fr3m the Common stock accumulated for his benefit, plus interest on the full par value of the bond. For
Instance, the 'B" bondholder gets in addition to the dividends on the
Common stock, $70 as interest, and after converting he loses this $70 interest on the bond and gets in lieu thereof 6% interest on $800 par Value of
Preferred stock, or $48.
Cities Service Co., as the owner of the capital stock of approximately
100 operating subsidiaries, widely distributed throughout the country
and about equally divided between public utilities and the petroleum industry, has so well diversified its investments that its earnings are
ably stable. Under normal conditions the subsidiaries should beremarkable to
rais. substantially all of the capital for their growth and development
by
the sale of their own securities to investors, but under the abnormal conditions which have prevailed, this has not always been true. When
public utility securities were not in high favor with investors, during the
1537
war period, and when petroleum securities were not generally
appreciated
by investors, which was the case prior to 1916, Cities
Co. was
compelled to supply capital for these properties. WhenService
subsidiaries are
able to raise capital for their requirements through the issuance
and sale to
the public of their own securities, then Cities Service Co. receives
earnings
from widely diversified business enterprises, excepting those which
it is
assisting through the development stages.
Thus the company is in the position of an investor in fundamentally the
most essential industries, widely distributed throughout the United States
and extending into Canada and Mexico, as well as other foreign countries,
but occasionally it must act as banker for some of its operating companies
to tide them over difficult operating and financial conditions. Soon
after
the direct entry of America into the World War in 1917, a complex financial
condition prevailed. There was urgent demand for additional public
utility service-particularly electric power-together with Governmental
insistence upon maximum production of oil, but investors were reluctant
to furnish the necessary capital by the purchase of securities of individual
operating corporations. There remained, however, a strong and persistent
inquiry for securities representing a wide degree of diversity and
a high
degree of safety, provided the investor might also receive a conversion
right and a participation in profits, as well as a fixed rate of interest.
A study of all of the factors involved resulted in the adoption by
company of a new principle of financing, which would serve the purposethe
of
raising the new capital by the creation of a temporary indebtedness which
would automatically be converted into capital stock. In effect, a selfliquidating bond was devised-the Cities Service Convertible Debenture.
The other debentures are alike in principle, but differ as to the capital
stocks into which they are convertible, the only exception being Series'
'A,"
which is somewhat different in the conversion principle. The Series"A"
debentures were issued in 1918 in the amount, including warrants, of $4,219,734, and have since been reduced by conversion to $27,210.
The remarkable change in investment conditions which has taken
during the past 12 months has permitted Cities Service Company to place
lish satisfactory arrangements under which its principal operatingestabsubsidiaries should no longer be obliged to depend upon the parent corporation
for the capital required in their regular growth and development.
On the
other hand, they are getting back on a basis of dividend relation with the
parent company.
The directors on Aug. 28 authorized the company to call for redemption
or to retire all or any part of any series of debentures of the company at
any time, or from time to time, up to a total amount of $10,000,000 of all
such series. Under this policy it has been determined to effect a substantial reduction in the near future of the Convertible Gold Debentures, Series
"B." by redemption or conversion.
The improvement of the Cities Service Co. situation as a whole is by on
means confined to the strengthened credit position outlined above. Operating conditions in all of the subsidiaries have equally improved in the last
12 months and many of the companies are now doing the greatest business
In their history.-V. 115, p. 1433. 1325.
Cleveland-Cliffs Iron Co.-Acquires Dock Property.-
The company, it is stated, has acquired dock property at Green Bay,
Wis.,formerly owned by the Inter-State Coal & Dock Co.-V.114, p. 2121.
Cleveland Electric Illuminating Co.-Report.Earnings Statement for Twelre Months ending Aug. 31.
1922.
1921.
1921.
1922.
DeductionsGross earnings_ _ _ _14,148,374 13,323,158 Interest
1,573,132 1,295,771
Operating expenses 8,430,325 8,863,173 Taxes
1,711,000 1,315,050
Amon.of debt disc. 153,731
95,898
Net oper. rev__ 5,718,049 4,459,985 Sink. Id. require'ts 269,583
158,333
Non-oper. rev__ _ _ 252,795
107,765 Dividends
1,321,988 1,067,902
Gross income_ _ _ 5,970,845 4,567,751
Surplus
941,410
634,796
Comparative Balance Sheet.
Aug.31 '22. June30'22.
Aug.
'22.
31
June30
'22.
Assetss
$
LiabilitiesPlant in vestment _43,810,218 43,396,056 Capital stock
19,805,900 19,805,900
Other investments 459,500
459,500 Funded debt
23,500,000 28,353,000
Sinking fund
102,626
102,626 Current liabilities_ 880,417 1,240,719
Current assets_ __ _ 8,498,812 13,989,733 Accrued liabilities_
1,356,624 1,093,002
Debt disc. & exp.... 1,859,892 1,775,989 Reserves
5,800,682 5,899,619
Deferred charges.. _
61.892
34,725 Surplus
3,449,317 3,366,389
Total
54,792,940 59,758,630
Total
54,792,940 59,758,630
-V. 115, p. 549.
Commercial Cable Co.-Leases Cable Line.-
It is stated that the company has leased from the British and Netherlands
Governments a cross-channel line from London
to Rotterdam.-V. 114,
p. 2828.
Commonwealth Power Corp.-Listing-Earnings,
The New York Stock Exchange has authorized the listing of S12,431,000
25-Year 6% Secured Sinking Fund
Gold Bonds, due May 15 1947.
The company was incorporated May
16 1922 in Maine as a holding
company. Authorized capital stock
consists of 180,000 shares (no par
value) Common stock and 240,000 shares
(par $100) 6% Cumul. Pref,
stock, all of which is outstanding and owned
Commonwealth Power,
Ry. & Light Co. Corporation has also issued by
$4,000,000 Unsecured 5%
Notes dated May 16 1922, due on or before July
which are
1
owned by Commonwealth Power, Ry. & Light Co. 1939, all of
The subsidiary controlled companies are Central Illinois Light Co.,
Consumers Power Co., Illinois Power Co., Southern Indiana Gas & Electric
Co. and Springfield Light, Heat
Power Co.
Since incorporation on May &1922,
one dividend has been declared on
the Pref. stock in the amount of16
$1 50 per share and paid on Aug. 1 1922.
Growth of Business (Combined Properties).
Elec. Sales Electric
Gas Sates in Gas Cus- Rev. Pass.
Cal. Year- in K.W.H. Customers,
tomers.
Carried.
Cubic Feet.
1913
193,543,665
73.68820,314,633
,424 1 996,956,000
1914
208,490,680
75,903 20,454,287
2,068,638,600
85,002
1915
246,603,274
79,626 19,286,332
97,214 2,202,328,900
1916
315,964,337 112,921 2.449,631,700 85,720 21,893,162
1917
381,720,612 126,466 2,945,888,600 90,348 19,126.643
1918
416,827,211 132,646 3,127,123,200 92,366 20,663,649
1919
465,332,748 151,659 3,350,083,300
98,445 23.988,297
1920
513,048,858 173,764 3,818,182,700 103,776 27,119,003
1921
419,095,767 190,470 3,549,697,105,365
10025,494,989
Income Accounts of Combined Properties, Year Ended March 31 1922.
Gross earnings, gas
Int. & divs. of sub. cosdo Elec., heat. & wat. $5,766,382
$3,201,439
15,063,131 Bond interest
do Railway
124,045
1,681,661 General interest (net)_
Amortiz'n of discount_
306,659
Total
$22,511,174
Net income
$5,502,936
Operating exp. & taxes-.313,376,095 Divs. on pref. stk.sub.cos 1,051,124
Net earnings before deInc. avail, for depr.& int.
elation
$9,135,079 divs. on secs. of C.P.Co $4,451,812
Consolidated Balance Sheet (Combined Properties) March 31 1922.
AssetsPlant, prop., &c., of sub.
6% Cumulative Pref___ $24,000,000
cos
par
on)(180,000 shares
om
nm
Inv. In stock of sub.cos_ $105915257,630405 Co
900,000
Investments & advances
s
Capital tock ofsub. cos. 18,779,200
'561,597
Other investments
cured gold bonds 12,500,000
secured
Sinking fund & spec. dep
4 G8% Notes,5%, 1939.. 4,000,000
53
59
59
58'5
B
proenfd
erd
red
isco
eun
nar
tg
&
esexare
pnrs: 3,963,534
o
B nds & debs.,sub. cos_ 60.069.500
Deferred liabilities
658,870
paid accounts
338,044 Notes payable
62,500
Cash & cash resources__
626,262
1,945.199 Accounts payable
Cash to be received by
Dividends payable
117,242
consumers
500,000 Accrued interest
924,789
eunretes
_
692,038
2 004,860 Accrued taxes
Notes receivable
'106,828
106,828 Sundry liabilities
58,970
forn
om
sua
bfafeirliapted
tionceos
273,425 Renewal & replac't res__
5,315,880
t;
Due
Other operating reserves
654,526
Preferred stock
8 Surplus
2,087,948
53
07
:6
Material and supplies__
2,303749
Total
$131,447,726 Total
Compare V. 114, p. 2246, 2364; V. 115, P. 649.
$131,447,726
1538
THE CHRONICLE
Commercial Credit Co., Baltimore.-To Acquire Continental Guaranty Corp. of New York.Guaranty Corp.
The company has offered to take over the Continental
subject to the approval of the latter's stockholders. An official announcement says in part:
Sons, Baltimore, and
"Commercial Credit Co. has had Robert Garrett &stock
at $26 50., $1,associates underwrite $1,000,000 7% Ctunul. Pref.
50,and $500,000 Common
000,000 Class"B"8% Cumul. Pref. stock at $27
$200,000
In
addition,
$25.
being
case
each
in
stock at $52 50 per share, par
Common stock will be offered to employees of Commercial Credit 0o. and
its affiliations, Commercial Acceptance Trust, Chicago and Commercial
Corp., at
Credit Co., Inc., New Orleans, and of Continental Guaranty
be paid on or before
$32 50 per share. A 15% Common stock dividend will
of record
s
stockholder
Common
Co.
Credit
Commercial
Nov. 1 1922 to
Oct. 211922.
Corp. have prior rights to
"Stockholders of Continental Guaranty on
the basis of two shares of
purchase Commercial Credit Co. new stock
Common
Preferred, two shares of Class "B" Preferred and one share of
Continental
stock at the above prices, payment for which can be smade in
accept
to
elect
may
stockholder
said
or
Guaranty stock at $100 per share,
1922.
$95 cash per share with 6% interest from Sept. 15
Banking
the
in
under
1916
organized
was
Corp.
Guaranty
"Continental
Law of the State of New York and has for several years been a leading
factor in the financing of the sale of motor vehicles to the aggregate value
of over $265.000.000."-V. 115, p. 312.
Commercial Solvents Corp.-Listing-Earnings.-
listing of 40,000
The New York Stock Exchange has authorized the
of Class B stock, no
shares of Class A stock, no par value, 40,000 shares
B stock
par value, with authority to list 40,000 additional shares of Class
on official notice of issuance on conversion of the present outstanding
40,000 shares of Class A stock.
Income Account for 6 Mos. Ended June 30 1922 and Calendar Year 1921.
in completing organization
(Comtany's first year was practically consumed only
about April 1 1921.1
so t at oper. on a commercial scale commenced
1921.
1922.
$265,344
$368,226
xGross profit
147,122
85,163
expenses
shipping
&
selling
general,
Deduct-Adm.,
$118,222
$283,063
Operating profit
5,416
9,438
Miscellaneous income
$123,638
$292.501
Total
87,921
78,029
Other deductions (incl. bond interest & expense)-15,885
Sundry adjustments
24,400
3,500
taxes
Federal
Estimated
Surplus
$190,072
$16,333
[VOL. 115.
Davis-Daly Copper Co.-Status, &c.
says:
C. G. Schirmer Treasurer, after the annual visit to the property,
time in the
"The property is in a better physical condition than ata any
greater rate of
at
history of the company. Ores are being developed upwards
of 500 tons
speed than extraction and shipments are aggregating
to hoist
per day on one shift. Equipment at the mine is now sufficient
made with the
upwards of 700 tons per day, and arrangements are being
tonnage.
additional
the
e
accommodat
to
smelter to increase their capacity
and
"Officials of the company are highly pleased with the physical
at the
surface conditions of the property. The equipment and efficiency
mine are at a very high standard.
which, on a
"Davis-Daly is producing copper at a little under 11c, a lb.
'
14c. copper market, shows a very snug profit."-V.115, p. 764.
Dayton (0.) Rubber Mfg. Co.-Sales.-
The company reports gross sales for August of approximately $400,000.
sales for
the largest of any month in the history of the company. Gross
or as much
the first 8 months of 1922, it is stated, approximated $2,500,000,
2189.
p.
113,
1921.-V.
business as was handled during the full year
(D. G.) Dery Corporation.-Listing-Earnings.-
$4,000,000
The New York Stock Exchange has authorized the listing of offering in
20-Year 7% Sinking Fund Gold Bonds, due Sept. 1 1942 (see
V. 115, p. 1104).
Consolidated Income Account Six Months Ended June 30.
Net sales,$9,619,246:cost ofsales (not incl. depr.), $8,329,924_ _51,289,321
Selling expenses. $617,285; admin. & general expense, $198,608-- 815,893
Net income
Other income
$473,428
30,154
$503,582
Gross income
Deduct-Interest and discount, $422,747; accounts written off, 429,768
$6,694
losses,
us
$327; miscellaneo
$73,813
Net profit_
Surplus as at Dec.311921,$182,194; adjustment of taxes claimed 214,417
for previous years, $32,223
77,000
Transfer to reserve for taxes and contingencies
$211,231
Operating surplus as at June 30 1922
2,450,805
Capital surplus arising from appraisal of properties
$2,662,037
Surplus as at June 30 1922
See V. 115, p. 1104, 1215. 1326.
Detroit Motor Bus Co.-Extra Dividend.-
to the
An extra dividend of 1% has been declared on the stock in addition
of record
regular quarterly dividend of 2%, both payable Oct. 15 to holders
Sept. 30.
x After deducting production costs, laboratory expense, factory operating,
May 31.Dwight Mfg. Co., Boston.-BalanceerSheet
redistillation charges and returns and allowances and after deduction for
s.]
[As Filed with the Massachusetts Commission of Corporation
depreciation against factory operations.
1921.
1922.
1921.
Comparative Balance Sheet.
1922.
$
June 30'22. Dec.31'21.
A ssetsfee 30'22. Dec.31'21. LiabilitiesAssaf2,400,000 2,400,000
Capital stock
2,200,000
150,000
_
mach_
3,000,000
&
150,000
Notes
est.
payable__
$337,296
Real
$389.824
Cash
28,463
2,393,644 1,748,601 Accts. & notes pay 3,473,888 3,597,818
58,835 Inventory
87,567 Accounts payable_
107,219
Accts. receivable
349,712
309,730 Deprec. reserve__ 222,934
290,658
125,423 Accrued payroll,
Cash
82,874
Inventories
201,749
27,530
_
_
arc
1,510,872 2,488,370 Guar. St renewal__
35,918
29,820
taxes,
rec..
448,000
ccts.
A
cont't
Stock subsc.
221,872
1,095,074
_
__
loss_
and
Profit
24,250
24,250
div.
Cl.
"A"
Cum.
Investments
Land, bldgs., are.,
3,111
88,840
reserve
(after deprec'n)_ 1,288,015 1,237,428
7,219.424 6,770,951
Total
8,770,951
7,219,424
sk.
fd.
bds_
1st
M.
858,000
Total
1
Good-will & pat'ts
20,272
387,310 Organ. exp. reserve
94,382
V. 110, p. 2660.
Organ'n expenses_
3,500
28,178
5,319 Res. for Fed. taxes
20,128
Cap, research proc
Issue Stock.East Bay Water Co., Oakland, Calif.-To
1,158,000
3,020 Preferred stock _
3,907
Furn. & fixture& _
the company to issue
x1,857,489 y428,491
5,000 Surplus
The California RR. Commission has authorizedCumul.
55,000
Treasury stock._ _
Pref. stock, the
25,458
18,956
at not less than 86% and int. $33,715 Class "A"n expenditures.-V. 114,
Miscellaneous ___ _
proceeds to be used to pay in part for constructio
10,000
Corn futures
6,153
p. 2246.
Other assets
Total (each side)S2,121,428 $2,773,085
111,813
Deferred assets..-44,822
Eastern Cuba Sugar Corp.-Listed.the
x Represents quity for Common stock Class "A" of 40,000 shares no
list $10,000,000 15The New York Stock Exchange has admitted to
par value and 40.000 shares Class"B" no par value made up as (Mows:
Sept. 1 1937, "when
due
bonds
gold
fund
sinking
mortgage
surplus,
earned
7X%
$398,293;
surplus,
appreciated
year
Paid in surplus, $1,197,611;
1326.
in
P.
V.
115,
,Represents equity for
sued."-See offering
less divs. &c. $261,585; total, $1,857.489. 3
'esof Common stock no par value. made up as follows: Surplus
40,000shar
Eastman Kodak Co.-Stock Sold.-Dominick & Domibalances Dec. 31 1921, $16.333, and appreciated surplus due to appreciation
have sold
of permanent assets (net), $412,158; total surplus,$428,491.-V. 115, p. 764. nick and Bernhard, Scholle & Co., New York,
stock (no par value).
Consolidated Coppermines Co., N. Y. City.-Ctfs.- at $85 per share a block of Common
The bankers state:
being first offered by
The temporary certificates of the new shares are now ready for delivery
at the New York Trust Co. in exchange for certificates of deposit issued for
deposited bonds, notes and stocks of the old Consolidated Coppermines
Co.-V. 115, p. 1433. 873.
is
This stock, which has been obtained privately,
the country. Allotment to the genthe company to its dealers throughout
the co. to its dealers.
by
offering
the
to
eral public will be made subject
Outstanding.
Authorized.
Capitalization (Dec. 311921)Consolidated Machine Tool Corp. of America.-Bonds
$6.165,700
$10,060.000
Preferred stock,6% cumul.(par $100)
2,500.000 shs. 1.968.620 shs
Offered.-B. J. Baker & Co., Inc., Boston, and Warren A. Common
stock (no par value)
inclusive,
1912-1021,
Earnings and Diridends.--For the last ten years,
Tyson & Co. Philadelphia, are offering at 99 and int., to
annually.
available for dividends have averaged $15,209,795
710%, $600,000 1st Mtge. 20-Year 7% Sink- net profits
diviyield about '
Common
the
year,
each
$369,942
After paying Preferred dividends of
annually, and there
ing Fund gold bonds.
dends for the 10-year period have averaged 88,516.469
of
$6,173.383.
average
annual
an
all
on
surplus
an
to
by
absolute closed first mortgage
has been carried
These bonds will be secured
share per anThepresent dividend rate on the Common stock is $5 per 1922
the land, buildings and equipment which will be acquired from the conare runthat earnings for
solidating companies (named in V. 115, p. 441). These plants have an num, payable quarterly. It is understood
ning in excess of those for 1921.
.appraised value of 37,455,000.
comexUndistributed Surplus.-As per balance sheet of Dec. 311921,dthe
A sinking fund of 15% of net earnings after payment of operating besurplus
pany's surplus stood at $58,122,040. Since 1914 undistribute
penses, taxes and bond interest, with a minimum of $120,000 a year,
property.
the
in
reinvested
been
ginning June 1 1924, provides for redemption of more than 50% of the issue earnings aggregating $45,000,000 have
-V. 115, p. 1215. 313.
before maturity.
These bonds are a portion ofa closed issue of$3.600.000,of which $3,000,Boston.-Earns.Edison Electric Illuminating Co. of --Gross
000 outstanding. Compare original offering in V. 115, p. 441.
Income
-K.W. Hrs. Elec. Sold1921.
1922
1921
1922.
n.Month ofConsolidated Steel Corp.-Liquidatio
29,367.057 25,454,812 $1,623,239 $1,664,864
January
Pres. E. A. S. Clarke says:
1,499.278
1,465,679
23,853,928
27,267,414
will
and
rapidly
as
its
affairs
selling,
liquidate
February
"The company has ceased
1,415,038
1,304,770
25,551,243 22,821,326
as consistent with conditions. The member companies are now quoting March
1,334,888
1.282,821
25,396,490 22,282,483
April
d rectly for their own account for export. Liquidation, naturally, involves
1,213,698
1,177,697
21,821,200
24,244,364
modia
may
later
directors
consider
May
drastic reduction of personneal. The
1,163,624
1,133,419
24,069,497 21.683,678
1,093,074
fied plan which will enable them to avail of the provisions of the Webb Law." June
1.072,775
24,162,257 21,162.885
July
-V.115, P. 1433.
59,384.463
$9,060.399
180,058,322 159,080,312
Total
Continental Guaranty Corp.-Offer.ending June 30 were $2,967.314
Net earnings, after taxes,for the 6 months
See Commercial Credit Co. of Baltimore above.-V. 111, p. 796.
the corresponding 6 months in 1921.
as against $2,995,864Boston,
Mass., auctioneers, on Sept. 27 sold at public
- R. L. Day & Co.,
Corp.-Extra Dividend of 2%.
Cornell (Cotton) Millsbeen
& Co..
declared on the stock, in addition to auction 434 shares of capital stock, par $100, to Collins, Spalding
An extra dividend of 2% has
Oct. 2 to holders of record at prices ranging from 180.1 to 18C IA per share.-V. 115, P. 992, 550.
the quarterly dividend of°2%, both payable
3%
of
was
compared
paid,
dividend
as
extra
an
30.Sept. 10. In July last
Edwards Mfg. Co., Boston.-Balance Sheet June 1921.
with 8% extra paid in Dec. 1921 and extras of 1% each paid in Jan., April,
1922.
1921.
1922.
July and Oct. 1921.-V. 115, D. 79$
$
Liabilities•
Assets1,100,000 1.100,000
Capital stock
Works,Worcester,Mass.- Real
Crompton & Knowles Loom
& mach__ 2,134,075 2,120,883 Res.
est.
525,745
817,432
deprec
for
Co.
in
11,067
property
to
Foundry
city
that
8,350
Star
its
sold
has
Investments
The company
425,000
280,520 Notes payable. _ _ _ 850,000
Edward D. Priest, Schenectady. N. Y. The property sold has not been Accts.receivable__ 328,570
58,481
25,288
Accts. payable_ _ _
39,812
operated since the war.-V. 112, P• 66.
Cash
40,000
fund_
Guaranty
38,859
46,447
Prepaid accounts.
e
122,173
_
_
_
Baltimor
taxes.
City.
for
Res.
of
-Listing.
8.54,942
Crown Cork & Seal Co.
--- 1.328,483
Inventory
1,257,824 1,067,806
The New York Stock Exchange has authorized the listing of $4,009,000
3,883,737 3,308,052 Surplus
Total
1st Mtge, 6% 20-Year Sinking Fund Gold Bonds, due Aug. 1 1942 (see -V. 114,.p. 526.
(T
offering in . 115. p. 441)•
ation.Faber, Coe & Gregg, Inc.-Consolid115,
Surplus Account for Fire Months Ended May 31 1922.
p. 1435.
See Acker. Merrall & Condit Co. above.-V.
_ -------------S9,307,604
Surplus as at Jan. 1 1922__ - __ - __ ____
to
assets
----agree
,Deduct-Adjustment of book valuationof
Plants.
-New
Detroit.
Co.,
Motor
Ford
with amended tax returns, $68,558; value of investment in
to have purchased a large tract of
The company was recendy reportedBelgium,
Standard Stopper Co., $693; reserve for contingencies set up in
and also 15 acres of land
Antwerp,
of
city
the
of
the
with
outside
land
National
accordance with the terms of the agreement
on the eastern border of Toronto, Ont., for the
City Co.relative to the sale of the bond issue, $1,500,000; total 1,569,251 from the Grand Trunk Ry.
erection of assembling plants.
company plans to erect an assembling plant
the
that
It is also reported
$7,738,352
Balance
Italy.-V. 115, p. 1435.
820,725 at Jacksonville, Fla., and one at Trieste,
Loss for five months ended May 31 1922
47,500
Dividends-Regular
-Outlook
Corp.
-Stockholders, &c.Motors
General
Vice-President C. S. Mott says in substance: "Never in the recent
$6,870,128
Surplus as at May 31 1922
prospects been so promising
immediate
have
corporation
the
of
history
Compare V. 115, p. 441, 650.
SEPT. 30 1922.]
THE CHRONICLE
1539
^
and the outlook so bright as to-day. Our units are all doing more than
might be expected at this time of the year, an encouraging thing in itself,
aside from mounting new business. Effects of the strike are still with
us, but fundamentals have been corrected and healthy recuperation is
under way. The corporation is going to have a very satisfactory year.
The corporation had at the end of August 48,554 Common shareholders.
There were 41,144 Common stockholders owning 100 shares or less, while
only 7,410 own more than 100 shares
It is reported that the plant of the Samson Tractor Co. at Janesville,
Wis., is to be taken over by the Chevrolet Motor Co.
The Olds Motor Works, a subsidiary, has made price reductions ranging
from $50 to $150 a car on its 4 cylinder and large 8 cylinder cars. The
new prices are as follows: (1) 4 cylinder roadster, $955; touring car,
$975 (a cut of $120); coupe, $1,595 (a cut of $120); sedan, $1,595 (a cut
of $150; (2) large 8 cylinder roadster and touring cars, 31,375 (a reduction
of $120); coupe and sedan, $1,875 and $2,025 respectively (a cut of $120
each).
The corporation had at the end of August 48,554 Common shareholders.
There were 41,144 Common stockholders owning 100 shares or less, while
only 7,410 own more than 100 shares.
It is reported that the plant of the Samson Tractor Co. at Janesville,
Wis., is to be taken over by the Chevrolet Motor Co.-V. 115, p. 641. 651.
Independent Brewing Co., Pittsburgh.-Resumes Divs.
The company has declared a dividend of 8% on the Pref. stock
up all arrears) and of 4% on the Common stock par $50, both clearing
payable
Oct. 18 to holders of record Oct. 6. The last dividend on the Pref.
was 6%, paid in Oct. 1921. In March 1920 a dividend of 1% wasstock
paid
on the Common stock; none since.-V. 113, p. 1580.
Independent Warehouses, Inc.-Dividend Deferred.-
The directors have deferred action on the quarterly dividend, due at this
time. Quarterly dividends of 2% each have been paid from April 1920
to
July 1922, inclusive.-V. 112. p. 2647.
Inland Steel Co.-Mercer
off.-
See Midvale Steel & Ordnance Co. below.-V. 115, P. 1435, 1216.
Intercontinental Products Corporation.-Organized.
Incorporated in Delaware Sept. 25 1922 with a capital of 60,400 shares
of no par value, per plan of Intercontinental Rubber Cs.in V. 115, p.
874.
Intercontinental Rubber Co.-New Company.-
See Intercontinental Products Corp. above and V.115. p.874, 1328.
International Combustion Engineering Corp.-ListGlobe Steel Tubes Co.-Further Data.-Mention was
-Earnings, &c.
made in V. 115, p. 874, of the offering of $1,200,000 1st M. ing-Acquisition
The New York Stock Exchange has authorized the listing of 47,000
6% Sinking Fund gold bonds at 99 and int. by First Trust additional shares of its Capital stock without par value, on official notice
the issuance in exchange for the outstanding Capital stock of Green
& Savings Bank and Stevenson Bros. & Perry, Chicago. of
Engineering Co. of Illinois, making the total amount applied for 250,000
A circular shows:
shares (total authorized issue).
The Green Engineering Co. has an authorized capital of $200,000 7%
Dated July 1 1922. Due July 1 1937. Int. payable J. & J. at First
Trust & Savings Bank, Chicago, trustee (Melvin. A. Traylor, co-trustee). Cumul. Pref. stock, par $100 (callable at 110 on 60 days' notice), and
Red., all or part, on any int. date upon 60 days' notice at 103 and int. $800,000 Common stock, par $100, of which there are now outstanding
Denom. $1,000, $500 and $100 (c*). Normal Federal income tax of 2% $200,000 Pref. stock and $640,000, Common stock, and the remaining
assumed by company.
1,600 shares of Common stock have been subscribed for and $297.600 in
Company.-Has been organized in Delaware. Company is the owner of cash is to be paid into the treasury before the transfer of the entire
capital
all the assets, property and good-will of its predecessor, Globe Seamless stock to the International Combustion Engineering Corporation.
There is also an agreement whereby the Green Engineering Co. has sold
Steel Tubes Co. a Wisconsin, in existence since 1911. Business consists
chiefly of the manufacture of steel boiler tubes and mechanical tubing $225,000 7% First Mtge. bonds for cash at par, which is to be paid into the
of various kinds. Plant covers approximately 37 acres of ground situated treasury of the company before the transfer of the stock.
at Milwaukee, Wis.
Consolidated Income Account for Six Months Enaing June 30 1922.
Capitalizatiori.-Pref. stock authorized, $500,000; Common shares (no Gross income
(sales), $2,298,314; cost of sales, $1,266,559; gross
par) authorized, 100,000; 1st M. 6s (this issue), $1,200,000.
profit
$1,031,755
Sinking Fund.-Company has agreed to pay to the trustee annually Selling
and general expense
720,211
commencing July 1 1923 a sufficient amount to retire $50,000 bonds of this
issue each year, which may be purchased'in the open market or by call.
Operating profit
$311,544
Net Income of the Company-Calendar Years.
Other income
27,529
1916.
1915.
1917.
1921.
1918.
1919.
1920.
Total income
369.738 $342,379 $512,610 $267,856 $574,879 $533,590 loss$21,014
$339,073
These earnings are after deducting Federal and State taxes, which during Other expenses
23,356
this period amounted to $1,655,307, and after deducting depreciation and
Net income (before providing for income taxes & depreciation)_ $315,717
amortization amounting to $997,353 and $154,926, respectively.
Directors.-Chairman, Robert P. Lamont; Pres., Paul J. Kalman;
Consolidated Balance Sheet.
V.-Pres., Frank J. O'Brien.
AssetsJune 30'22 Dec.31 '21
LiabilitiesJune 30'22 Dec.31'21
Patents, trade-mks.
Capital stock_ _ _ _3(63,922.721 $3,268,341
Financial Statement of Predecessor Company as of May 311922.
and
goodwill_
_
62,485,619
.12,508,794
Int.
of min. stock[Adjusted to reflect proceeds of this bond issue and sale of stock in new co.] Pl'ts, mach.& eq't.
639,407
1,016,600
holders in subs_ _
99,520
324,320
AssetsLiabilitiesOffice building on
Deb. bonds(Freucl)
Land, bldg. and machin'y $2,079,888 Capital stock, 46,000 shs.,
leased land
company)
768,194
763.876
11,170
Cash
200,864
no par value
$1,150,000 Inv. in other cos.
6% cony. deb.bds.
U. S. Govt. securities_ _
258,563 First Mortgage bonds
1,200,000
at cost)
117,872
of Comb. Eng.
227,773
Accounts and notes receivNotes & accts. payable_ _
308,456 Unpaid subscr's to
Corp
516,800
able, leas reserves
338,777 Reserve for Fed'i taxes_
274,603
capital stock..
221,650 Mtges. secured on
Inventories
316,181 Surplus
269,054 Cash
offlee bldg., &a_
349,121
262,631
280,469
275,000
Insurance
2,889
6% cony,deb. bds.
Notes& loans pay_ 275,166
290,000
Unexpired insurance
$3,202,113
7,551
Total (each side)
of Comb. Eng.
Accounts payable_ 649,301
551,218
-V. 115, 13. 874.
Corp.in treas.&
Adv. on acc't of
sinking fund_
sales contracts__ 114,703
377,200
375,765
Graton & Knight Mfg. Co.-Earnings, &c.Acclarec.(lessres) 1,359,589 1,400,178 Res've for unc'pl'd
Net, after all charges, in four weeks ended Sept. 9, reported at $51,000, Notes receivable
stokers
44,146
36,893'
35,297
or at an annual rate of $700,000. Sales, it Is stated, are running at a Brit. Govt. bonds,
Bond int. accr'd &
rate of $10,000,000 annually, against $6,000,000 last year. The Worcester
&c.(mkt. val.). 258,933
91,600
unclaimed diva
10,092
plant Is running full, and St. Louis tannery has resumed after shutdown Sinking fund
5,588 Res've for Federal
of nearly a year.
Stokers, mat'l and
conting_ 196,955
taxes
dr
223,613
The balance sheet as of Sept. 9 1922 shows: Bank loans and accounts
work in progress 604,882
813,743 Res. agst. French
payable, $4,893,562, against $5.597,504 Dec. 31 1921; inventories, French claim for
285,844
war claim
$5,339,746; cash, $708,269; accounts and notes receivable, $1,552,320;
war damages_ _ _ 283/7-75
Def'd installm'ts
profit and loss deficit, Sept. 9 1922, $1,895,127.-V. 115, p. 313.
Deferred charges__ 162,218
for pur. of pat'ts,
116,819
102,781
&c
112,667
Gray & Davis, Inc.-Listing.General reserves
201,593
327,101
The Boston Stock Exchange Sept. 26 authorized for the list 115,500
Surplus account 1,282,500 1,097,871
additional shares, without par value, Common stock, these shares to be
Total
added under the following conditions: 28,000 shares on notice of issuance
$7,466,870 87,408.084
87,466,870 $7,408,084
Total
and payment in full; 50,000 shares as they may be issued in conversion of
x Represents 202,626 shares of no par value capital stock.-V. 115, p.
1st Mtge. 7% Convertible Sinking Fund Gold bonds; 37,500 shares as they
may be issued in exchange for 8% Cumulative Preferred stock -V. 115. 1328, 1216.
p. 1327. 993.
International Mercantile Marine Co.-New Director.-
Great Western Sugar Co.-1922 Output.It is officially estimated that the companv's output this
year will be
about 5,500,000 bags, against 7,361,000 bags last year. The falling eff
is due to drought in Northern Colorado.-V. 115, 13. 1435, 1105.
Griffin Wheel Co.-50% Cash Dividend-Pref. Stock.A cash dividend of 50% has been declared on the outstanding [at last
accounts]$9,282,000 Common stock, par $100. About 98% of the Common
stock is owned by the American Steel Foundries.
Tho stockholders have voted to cancel 16,900 shares of Preferred stock,
par $100, held in the treasury. This will reduce the Preferred stock from
$9,000,000 to $7,310,000.-V. 112, p. 475.
Hammonton & Egg Harbor City Gas Co.-Receiver.Former Judge Joseph Thompson, of Atlantic City, N. J., has been
appointed receiver by Vice-Chancellor Ingersoll -V. 115, p. 1215.
Hayes Wheel Co., Jackson, Mich.-Earnings, &c.Net earnings for the 8 months ending Aug.31,it is stated, were $783,499.
Net working assets on Jan. 1 1922 were $2,162,930 and on Sept. 1 1922
$2,747,936, an increase of $585,006.-V. 115, p. 1327.
Hill Mfg. Co., Boston.-Capital Increase, &c.-
The stockholders on Sept. 20 increased the authorized capital stock from
$750,000 to $1,000,000. par $100. The stockholders of record Sept. 20
are given the right to subscribe to 2,500 shares at par in the ratio of one new
share for each three shares held. Subscrpitions must be paid for in full on
or before Nov. 1 at company's office, 30 State St., Boston. Treasure
W. F. Moore says:
The $250,000 increase in capital stock is for the purpose of increasing
working capital and decreasing the borrowings of the corporation. A suggestion was made by Bliss, Fabyan & Co.,that the company and the Androscoggin Mills combine. A committee was appointed to confer with the
committee of the Androscoggin directors. They were unable to agree on a
plan, as the Androscoggin committee refused to recommend a consolidation.
-V. 115, p. 1435.
Hollinger Consol. Gold Mines, Ltd.-Production, &c..4 Weeks to
-July15 '22.
Period
120,095
Tons ore milled
$8.26
Average value per ton
$992,949
Gross value
$954,678
Net value recovered
4,289
Average tons milled per day
$517,896
Profit
Surplus at Aug. 12 1922
-V. 115, p. 1215, 993.
4 Weeks to
Aug. 12'22.
119,672
$8.85
$1,058,842
$1,018,201
4,274
$536,422
Matthew C. Brush, Senior V.-Pres. of the American International Corp.,
has been elected a director, succeeding George J. Baldwin.-V. 115,
p. 431, 442.
International Paper Co.-Production, &c.-
A current report believed by the "Chronicle" to be based on fact says:
"After a long poriod of difficulties the company has left most of its troubles
behind and has entered the final half of the current year with labor disputes
settled and its financial structure in fair shape. Production of newsprint
now exceeds 1,100 tons daily, while that of other grades brings the total
above 1,700 tons a day.
"The new plant at Ttiree Rivers, Que., can produce paper cheaper than
any other mill on the Continent.
"More than 50% of the company's newsprint output was contracted for
up to the end of the current year at $70 a ton, but prices for 1923.'which
are to be posted around November, it is believed, will be at least $80 a ton,
thus assuring the company of a better return."-V. 115, p. 767, 189.
International Salt Co.-Tenders.-
The U. S. Mtge. & Trust Co., trustee, will; until Oct. 11, receive bids for
the sale to it of 1st & Consol. Coll. Trust 5% gold bonds to an amount
sufficient to exhaust $70,082, and at a price not exceeding 105 and interest,
-V. 115, p. 551.
Inter-State Coal & Dock Co.-Sells Property.-
See Cleveland-Cliffs Iron Co.. above.-V. 114, p. 1186.
Jackson (Mich.) Motors Corporation.-Merger.-
See Associated Motor Industries, Inc., above.-V. 115, p. 442.
Kansas City Power & Light Co.-Bond Issue Approved.
The Missouri P. S. Commission has authorized the company to issue
S20.000,000 1st Mtge. bonds under its plan of refinancing and an additional
$1,000,000 when certain conditions have been complied with. See offering in V. 115, p. 1328.
Comparative Income Statement Years Ended July 31.
1922.
1921.
Gross earnings
$7,316,349 $6,528,922
Operating expenses, maintenance and taxes
3,929,662 4,045,768
Net income
$3,386,687 $2,483,154
Deduct-Interest
$1,217,530 $1,008,399
Discount amortized
46,057
63,009
Sinking fund
38,346
38,346
Jan. 1 '22 to
Aug. 12'22.
901,882
$8.75
$7,918,695
$7,612,434
4,010
Available for depreciation and dividends
$4,089,287
$6,027,297 -V. 115, p. 1328.
$2,084,754 $1,373,400
Kansas Electric Power Co.-Pref. Stock Offered.-W. C.
Holmes Automobile Co., Canton, 0.-Receivership.- Langley & Co., New York, are offering at 923" and div.,
to yield about 7.57%, $1,000,000 7% Cumulative Prof.
(a. & d.) stock, par $100.
E. A. McCusky has been appointed receiver for this company, manufacturer of an air-cooled engine and automobile.
The company was incorporated in Ohio March 14 1917. Authorized
Capital $1,000,000 Common and $1,500,000 7% Cumul. Pref. stock.
Company has $1,000,000 2-Year 1st gold 8% bon(fs, due Oct. 1.
Dividends payable Q.-J. Red., all or part, upon 30 days' notice at 115
and divs. Issuance authorized by Kansas P. U. Commission. No addi-
THE CHRONICLE
1540
[Vorh 115.
These earnings are exclusive of any profits from the People's Home Jourtional Pref. stock can be issued unless the earnings applicable to Pref. diviin both of which
dends shall be equal to at least 3 times dividend requirements on the out- nal Pattern Co. or "McClure's Magazine," our interests
5 months of the present
standing Pref. stock and that proposed to be issued and further provided were recently acquired. Our earnings for the firstthe
earnings for the same
that net earnings after payment of taxes shall be equal to 1 ji times the fiscal year up to Aug. 1 1922 are more than twice
amount ofthe interest charges on its funded debt and Pref. div.requirements. period last year.
Purpose.-Proceeds will be used to pay off all the outstanding liabilities
Data from Letter of Pres. Albert Emanuel, New York, Sept. 15. other
than current trade accounts and to provide sufficient working capital
Campany.-Succeeds Kansas Electric Utilities Co., which was incorp. to enable the company to complete its program of expansion.
Leaventhe
recently
merged
were
Sept. 16 1915 as a consolidation. There
Listing.-ApplicatIon will be made to list the Class "A" stock upon
worth Light, Heat & Power Co.and Bonner Electric & Mfg. Co. Company the New York Stock Exchange.
also owns the entire capital stock (except directors' qualifying shares) of
The New York Curb Exchange has admitted to trading 55,000 shares of
Miami Valley Electric Co., Union City Electric Co. and the United Light- Class A cumulative and participating stock "when, as and if issued."
ing Co. of Albion, Pa.
McCord Manufacturing Co.-Operations.-Company does the entire electric light and power business in Leavenworth, Emporia, Lawrence, Parsons and 28 other conununities in Kansas.
President A. C. McCord reports operations at about 70% capacity
Also supplies gas to Leavenworth. Electric light and power is furnished and increasing, with prospects of improving. Axle works are running
16 communities in Indiana, Pennsylvania and Ohio through subsidiaries. low, but radiator and gasket departments are above normal. Lubricating
Population served 125,000.
department is nearly normal and body output is about 60%.
Company owns and operates electric light and power plants in LeavenNet earnings in the first 8 months were reported to be nearly $500,000
worth, Parsons, Lawrence and Emporia with a total capacity of 15,365 k.w. and now are at a rate of $1,000.000 annually.-V.115, p. 653.
There are 522 miles of distribution lines, 108 miles of transmission lines and
Mack Trucks, Inc.-Status-Outlook.50 miles of gas mains. Company operates under favorable franchises.
Total customers, 22,736.
Hayden, Stone & Co., Boston and New York, in their weekly market
Authorized. Outstand'g. letter, dated Sept. 22 1922, say in substance:
Capitalization after This FinancingFirst Mtge. gold bonds 6s, Series "A," due 1937_ _x$25,000,000 $3,000,000
"The prospects are that for the three months to Sept. 30 the company will
5,000,000 1,000,000 come within $100,000 or $150,000 of duplicating the profits of the three
Preferred steick 7%
3,334,000 1,200,000 months to June 30, which amounted, after all deductions, including taxes,
Common stock
x Series "A" bonds are limited to $3,000,000 (V. 114, p. 2830).
to $1,315,633.
Purpose.-Proceeds from the sale of this Pref. stock and from the sale of
"It is estimated that net profits for all of 1922 will be approximately $0
$3,000,000 bonds will be used to refund bonds for the acquisition of the per share on the 283,000 shares of no par Common.
properties of Leavenworth Light, Heat & Power Co. and Bonner Electric
"The corporation's quick assets position has been continuously so strong
& Mfg. Co., and for the building of additions, extensions, impts., &c.
that the necessity for further accumulation of working capital through diverTotal.
Company. Subsidiaries.
Earnings Year ended June 30 1922.
sion of surplus undivided profits is rapidly passing. In other words, the
$331.299 $1,542,270 company might properly and conservatively, when the full figures for 1922
$1,210,971
Gross earnings
503,319 are compiled, take up the question of dividends on the Common stock."117,827
385,492
Net after °pea% expenses and taxes
203,977 V. 115, p. 1216.
23.977
180,000
Bond interest
$299,342
$93,850
Balance applicable to dividends_ _ $205,492
Mason Tire & Rubber Co.-New Financing.- of $2,70,000
Annual dividends on $1,000,000 Preferred stock
The stockholders will shortly vote on authorizing the issuance
-V. 115, p. 1329; V. 114, p. 2830.
par Common
000,000 1st Mtge. bonds and 200,000 additional shares of no
capital
stock. The funds are to be used in supplying additional working
Kentucky Wagon Mfg. Co., Louisville.-Merger.-7% serial
$540,000
to
refund
day;
a
6,000
tires
to
of
to increase production
See Associated Motor Industries. Inc., above.-V. 115, p. 1216.
gold notes and to complete financing of the new plant recently placed in
production.-V. 115, p. 443, 189.
Kerr Lake Mines, Ltd.-Annual Report.- .
Earnings Years Ended Aug.31 (Kerr Lake Mines,Ltd.)
Mexican Eagle Oil Co.. Ltd.-Definitive Certificates.1918-19.
1919-20.
1920-21.
Higginson & Co. and Cull & Co., both of London, state that definitive
1921-22.
certificates for 7% 1st Pref. shares will be ready for delivery on and after
Div. rec. from Kerr Lake
$653,000 Oct. 2 in exchange for fully-paid letters of acceptance and(or) scrip cer$590,000 $1,000,000
$430,000
Mining Co., Ltd
4,641
11,743
14,529
18,902
tificates. The exchange will be made at the London Joint City & Midland
Interest received
5,714
Bank, Ltd., 5 Threadneedle St., London, E.0.2. (See offering in V. 114,
Exchange
1,279
securities
p. 2247.)-V. 115, p. 179, 81.
of
Profit on sale
$450,181
Total income
$29,974
Admin.& general exp_ __ _
Kerr Lake Min.Co.(N.Y)
Internal revenue exp_
6,336
Sundry expl.& mine exam
300.000
Dividends paid
$610,244 $1,011,743
$39,606
$29,482
69,357
32,426
300,000
$657,641
$35,489
56,048
600,000
$22,153
$916,089
$178,980
$113,871
Balance, surplus
Earnings Years Ended Aug. 31 (Kerr Kake Mining Co., Ltd.)
1918-19.
1919-20.
1920-21.
1921-22.
$195,820 $1,091,282 $1,525,231
$133,015
Total income
568.973
473,230
145,555
89,398
Expenses and taxes
Net profit
Dividends
Loss on bond sales
Distr. to Kerr Lake Mines
Deficit
Profit & loss, surplus
-V. 114, p. 634.
$43,617
430,000
$50,265
590,000
20,590
$618,052
1,000,000
91,705
$956,258
653,000
600,000
$296,742
$473,653
$560,325
$386,383
$1,016,258 $1,402,641 $1,962,966 $2,436,195
Laurentide Co., Ltd.-New Director.-
F. E. McNally has been elected a director to succeed the late R. B.
Angus.-V. 115, p. 1319, 1216.
Ludlum Steel Co.-Merger Rumor.See Carpenter Steel Co. above.-V. 115, p. 653.
(F. M.) Lupton, Publisher, Inc.-Stock Offered.--Shonnard & Co., New York, are offering at $22 per share, to yield
& Participating stock.
9.09%, 55,000 shares Class A Cum.
and to annual cumulative dividends
Preferred as to assets to $25 per share
equally per share with
of $2 per share, payable quarterly. Participates
B stock has received $2 per share.
Class B stock in dividends after Class
Central Union Trust Co., registrar.
Bankers Trust Co., transfer agent; B
stock in the event of the passing
Has equal voting power with Class
of four quarterly dividends.
Gates, New York, Sept. 22.
B.
Moody
Data from Letter of Pres.
Owners of "The People's Home
Company.-Incorp. in New Jersey.
Home Journal Pattern Co. and
People's
Journal," the Periodical Press, The
Business was started in 1885 by
publishers of "McClure's Magazine."
$1,000. Prior to the present
than
less
of
capital
F. M. Lupton with a
added. Its growth has been entirely
financing no outside monephas ever been
actually been taken out of
has
cash
in
$5,000,000
over
and
out of profits
1911 plant has grown, entirely
the business in dividends. Since March
value of $1,018,102, and the busiout of earnings, to its 'present appraised
Net worth of the company is
ness has paid for itself several Wiles over.
over $47 per share on the Class "A" stock.
$2,596,149, which is equal to cum.
& participating stock (no par value),
Capitalization.-Class "A"
par value), 150,000 shares.
55,000 shares; Class "B" Common stock (no
No bonds or notes.
been owned and published by this
"The People's Home Journal" has
37 years. During that time circulation
company without interruption forcopies
monthly, distributed from coast to
has increased to nearly a million among
the best homes in the prosperous
is
circulation
its
coast, and 87% of
Western States. It has for
Middle
and
territory of the North Atlantic the leading national advertisers.
years enjoyed the confidence of Pattern Co. occupies a unique position
Journal
The People's Home
we have been able to develop some
in the pattern industry. Meanwhile,
service. We are building our pattern
unusual features in this new pattern
styles as they are tried out
"ready-to-wear"
the
service following closely
clothing manufacturers of the country.
and adopted by the leading women's our pattern manufacturing
so that we
up
speed
to
able
We have also been
dry goods dealers and department
are giving to the public, through the of
the usual monthly pattern service
stores, a weekly pattern service instead
In this weekly service, at the present
furnished by other manufacturers.
present our manufacturing costs make
time, we have not competition. At
at 10c. wholesale, giving a us
It possible for us to sell patterns to dealers
good profit.
the magazines owned and published
The Periodical Press, besides printing
printing of large edition catalogues.
by this company, also specializes in the Wanamaker, Bellas
Among its leading customers are JohnSeed Co. and others. Hess & Co.,
Perry Dame & Co., Peter Henderson
to all. Its record of publication dates
"McClure's Magazine" is known
purchased control of this property and took
back to 1893. In Dec. 1921 we
and publication of the magazine. The six
over the active managementpublished
have been enthusiastically received.
Issues which we have thus far
copies per month.
Present circulation exceeds 250,000
financial position. It has $670,359 of
strong
a
in
is
-Company
Assets.
is in cash, against liabilities of
Working capital assets, of which $202,062
1. Net tangible a,.ssets are valued at $1,416,$325,142, or of a ratio of 2 to
list, which latter is estimated
subscription
and
-will
good
137, exclusive of
Based on net tangible assets alone
among the trade to be worth $900,000. of approximately $26 per share.
the Class "A" stock has an asset value
continuous and we have never had an
Earnings.-Earnings have been the 3 years ending Feb. 28
1922, after
unprofitable year. Net earnings for
after deducting special development exallowing for 6% depreciation and
averaged
taxes,
$184,587
before
per year.
annually,
penses of $192,262
This is equivalent, effectively, to $376,849, or $6 85 per share upon the
Class "A" stock.
Mexican Petroleum Co. Ltd.-Earnings-New Plants.-
Published statements, understood b- the "Chronicle" to be substantially
correct, say:
"Net earnings in August were equal to $5 a share on the Common stock.
For the 8 months ended Aug. 31 1922, the company earned $40 a share
net after all charges on the $43,165,700 Common stock. This is at the
annual rate of $60 a share.
"The company's cash position is stronger than ever and its cash holdings
are understood to ba in the neighborhood of about $30,000,000.
'Shipments of oil are being maintained at pipe line capacity, which
is approximately 125,000 barrels a day, most of which is coming from
the company's wells south of the Toteco border. That reserve of oil is
now being drawn on for the first time in the history of the company.
"The company has started work on two plants in Mexico [one in the
Cerro Azul field and the other in Chopopote] for extrcating gasoline from
natural gas; 100 miles of 3-inch pipe line has been ordered to transport
this gasoline to Tampico.
"Work is proceeding on the refinery at Tampico, where crude gasoline
now produced at the company's topping plant at that point will be refined
into commercial gasoline. The cost of this new plant is estimated at
$2,000,000, and the cost of new gasoline extraction plants is placed at
about $1,000,000."-V. 115, p. 1318, 767.
Middle States Oil Corp.-Earnings-Well-Lease.
Consolidated Income Account for the 6 Months ending June 30.
0:761
23
1:027 $3112
23
19
,9
$31
1922.
from oper. oil & gas sales_ $5,779,273
prof.
Gross
636.688
11,794
30,501
Other income
930,318
Dividends received
$5,809,774 $4,135,138 $4,560,449
Total gross income
678,138
627,691
Deductions: Field oper.& new const_ _ 1,692,352
3,994
42.828
97,616
Lease rentals, &c
182,935
345,339
433,007
Admin. & general expense
150,000
80,000
100,000
_
_
_
taxes_
Federal
including
Reserves,
879.211
1,990,000
1,319,731
Dividends paid
Net profit
x$2,167,068 $1,049,281
$2,666,170
x Subject to depletion.
The consolidated balance sheet as of June 30 1922 shows: Capital
assets and investments, $84,686,710; current assets, including cash 011
hand of $412,666, after deducting $671,911 for the July 1 dividend disbursement; accounts receivable, $1,570,000, principally oil runs not
collected; bills receivable, $312,000; material on hand, $292,567; total
assets,$87,273,945; capital stock, $22,422,550; accounts payable, $40,000;
reserves, $100,000; consolidated surplus, $64,711,394, in which $2,026,760
is the equity of minority interest. These figures compare with total
assets of $62,161,782 and consolidated surplus of $45,801,832, in which
minority interests' equity was 32,690,599, at June 30 1921.
Since the initial payment was made in Oct. 1917, computed on $1,000
par value of stock, cash dividends (including the Oct. 1 1922 dividend)
amount to $1,328 and stock given free to stockholders totals $1,291.
The corporation reports that its Wichita Petroleum Well No. 2, Lot 2,
West Columbia Field, Texas, drilled in on Sept. 26, made approximately
10,000 barrels during its first 24 hours.
The corporation recently sublet a large amount of its non-producing
lease avreage to Oil Lease Development Co. for immediate development
on a basis of division of profits.-V. 115, p. 1106.
Midvale Steel & Ordnance Co.-Merger of Three Steel
Companies Abandoned.-The plan calling for the consolidation of the Midvale Steel & Ordnance Co., the Republic,
Iron & Steel Co. and the Inland Steel Co., into one corporation, which was to be known as the North American Steel
Co., has been abandoned, according to an official statement
issued by the parties interested in the contemplated merger.
At the office of T. L. Chadbouene, legal adviser to those
interested in the merger, the following statement was issued:
Steel & Ordnance
W. E. Corey, Chairman of the Board of the Midvale
Iron & Steel
Co.; John A. Topping, Chairman of the Board of the Republic
have authorized
Co.,
Steel
Inland
Co., and L. E. Block, Chairman of the
the following statement:
arising from the
"At a meeting held to-day [Sept. 281 the entire situation
and the conclusion
action of the Federal Trade Commission was reviewed
is not possible to proceed
was reached that under existing circumstances, itOrdnance
Co., the Inland
with the proposed merger of the Midvale Steel &
the eminent
Steel Co. and the Republic Iron & Steel Co. While all ofmerger
would
counsel who have been consulted agree that the proposed
would
not have
consummation
its
while
be legal in every respect, and
final determination of the
restrained but have intensified competition, the
questions involved would delay the carrying out of the plan to such an
extent that the parties in interest do not deem it advisable to proceed.
Pending such final determination of the questions involved, the financing
of the proposed merger would not be possible and it is not feasible to proceed
with the merger without such financing."
The question of financing is understood to be the reason for giving up the
plan, as the bankers are reported to have been unwilling to guarantee the
SEPT. 30 1922.]
THE CHRONICLE
1541
new securities because of the opposition raised by the Federal Trade ComConsolidated Balance Sheet.
mission, which has been carrying on an investigation into the propose('
combination for several months.-V.115, p. 1437, 1216.
June 30'22. Dec.31 '21.
June 30'22. Dec.31'21.
AssetsLiabilities$
Mohawk Mining Co.-Dividend of $1-Output.
Plant, property &
Common stock__ _ 6.170,000 6,170,000
franchises
A dividend of $1 per share has been declared on the stock payable Nov.
73,734,527 72,098,809 Preferred stock_ _ _29,976,000 21,788,i00
15 to holders of record Oct. 14. Like amounts were paid in February Investments
55,780
55,780 Minn.G.E. 1st 5s_ 7,171,000 7,242,000
Skg. td. cash dep.
and July last.
11n. stk. of Tibs_ 190,900
257,800
with
13,865 Nor. States Power:
8,187
Month ofAug. 1922. July 1922. June 1922. Cash trustee,&c_
1,787,281
2,273,765
1st & ref. bonds_29,053,000 29,053.000
Copper output(pounds)
772,692
866,074
741,672
Bond¬e
int.dep.
37,280
10-yr. 6% notes 7,805,000 7,805,000
-V. 115, p. 876.
Debt disc. dr exp.
7% notes
1,466,500
in proc. of amort. 5,240,442 5,234,909 Divisional see. out. 1,358,500
Moore Drydock Co., Oakland, Calif.-New Company.
1,612,000 1,624,000
Accts.& notes rec. 1,470,046 1,137.749 Notes payable_ _
579,819 1,151,000
See Moore Shipbuilding & Dry Dock Co. below.
Due from affil. cos.
8,883
35,691 Accounts payable_ 523,992
5.51,773
Kew'. 1,501,000 1,580,000 Miscellaneous
Moore Shipbuilding & Drydock Co. Oakland, Calif.- Marketable
209,800
Resort sales of Pi.
Bond & note interThis company, it is stated, has been reorganized as the Moore Drydock
stock
559,611
est accrued
610,774
Co., with a capital of 83,000,000. The new company is headed
614,964
Miscellane
_
373,992 Taxes accrued_
979,562
A. Moore, Ira S. Lillick and L. H. Cromwell.-V.112, 1405. by Joseph Material &ous
suppl_ 1,478,001 1,344,814 Dividends accrued 581,677 1,054.002
P.
685,718
Deferred assets__ _ 339,780
431.039 Consumers' depos_ 143,402
National Motor Car & Vehicle Corp., Indianapolis.
136,981
Depreciati
703,795
744,980
See Associated Motor Industries, Inc., above.-V. 115, p. 190.
Total(each side)85,661,207 85,140,024 Surplus on res've 2,201,785
1,583,707
-V. 115, p. 444, 315.
National Oil Co. (N. J.).-Sale.
Andrew J, Steelman, special master, will sell the following property
Nor. Indiana Gas & Electric Co.-Bonds
and securities to satisfy the First Lien Indenture made
the New York
The company has called for payment on Oct. 1 at 105 and Called.
Trust Co., dated Nov. 1 1919. The sale is set for Oct. 20to
int. all of the
at Newark, N.J. outstanding 1st Mtge.
5% gold bonds of the Indiana Harbor & East Chicago
96 Shares stock of Compania Exploradora del Petroleo, S.
Electric Co.-V. 114, p. 2022.
A.,
par 100 pesos (Mexican currency)-also 4,990 shares capital
stock National Oil Co., S. A., par $100 (Mexican
currency),
Ohio Bell Telephone Co.-Acquisitionissued in substitution for such stock of Compania Explorado
Improvements.
ra
The 1.-S. C. Commission
del Petroleo, S. A.
approved the acquisition of the SpringfieldXenia Telephone Co. Thehas
500 Shares stock (par 8100) Seaboard Oil & Refining Co. of Texas.
affected
territory
entire
by
proposed sale
has
15 municipalities served by 11 exchanges of the Bellthe
500 Shares stock (par $100) National Shipbuild
Co., with 11,886
Co. of Texas.
subscribers, and by 8 exchanges
5,000 Shares stock (par 8100) National Oil Co. ofing
of the Springfield Co., with 5,990 subMaine.
scribers9,997 Shares stock (par $100) National Oil Transport
Co.
The tentative agreement between the companies provides for the
$550,000 National Oil Transport Co. 1st Lien 6s, Series A.
purchase
by the Bell Co. of all the the
700,000 National Oil Transport Co. 1st Lien 6s, Series. B.
properties of the Springfield Co. for a consideration of $615,000 in cash.
750,000 National Oil Transport Co. 1st Lien 6s, Series
C.
The directors on Sept, 20 authorized expenditures amounting to
750,000 National Oil Transport Co. 1st Lien
Series D.
$4,580,000 for specific additions to the
684,869 Evidences of Indebtedness-Nationa 6s,
property to provide for unification of service
Oil Transport Co.
and to meet the demands for additional
262,581 Evidences of Indebtedness-Seaboardl Oil
service.
Refining
&
-V.
Co.
115,
p.
995,
877
.
660,068 Evidences of Indebtedness-National Oil Co.(of Maine).
388,714 Evidences of Indebtedness-National Oil. Co., S.
Ohio Public Service Co.-Preferred Stock Sold.
A.
-A.B.
653,670 Evidences of Indebtedness-National
Oil Transport Co.
Leach
&
Co., Inc., and Bodell & Co., New York, have sold
Claim against the Irving National Bank, New York, for
a $20,000 at 94 and div., to yield
note of National Oil Co. of Maine,
about 7.40%, $3,625,600 77
0 Cumul..
collateral therefor.-V.115, p. 1330. dated April 7 1922, together with First Pref. (a.
& d.) Stock, Series A.(see advertisi g pages).
Redeemab
le, all or part, on the first day of any month on 30 days' notice
National Tube Co.-Pipe Contract.at 115 and divs. Divs, payable
Advices from Pittsburgh state that this company has received
on the first of each month to stockholders.
an order of record on the 15th of the preceding
for about 1,000 miles of 8, 10 and 12-inch pipe from the
month.
Sinclair
Pipe
Issuance.
Line
-Authorized by the Ohio Public Utilities Commission.
Co. This order, it is stated, involves between $5,000,000
and $6,000,000.
Listing.-Appllcation will be made to list this issue on the New York Stock
-y._114, p. 1772._
Exchange.
from Letter of V.-Pres. T. 0. Kennedy. Cleveland, Sept
New England Fuel & Transportation Co.-Sells Road. Data
18.
Company.-A consolidat
Sec 13altimoro & Ohio RR. above.-V. 113, p. 1367.
ion in Oct. 1921 of four electric light and power
companies (V. 113, p. 1779).
Since then has acquired three other companies (V. 114, p. 1294). Is located
Newton Steel Co. Youngstown, 0.-Resign
important
of
most
(me
the
in
, prosation.perous and steadily growing
H.M.Steele has resigned as a Vice-President, but will
regiens of the United States. Does
remain as a direc- all the domestic lighting andindustrial
tor.-V. 115, p. 190. 81.
lly all the commercial electric light
and power business in Lorain,substantia
Elyria,
Mansfield
Alliance,
Massillon, Ashland, Warren
N. Y. Mutual Gas Light Co.-Final Liquidat
numerous other centres in Ohio. In addition, furnishes
ing Div.- electric powerand
at wholesale to companies supplying other nearby communiThe company has declared a final dividend
liquidation of 847 69 ties. Also does the entire gas
a share on its $3,409,700 capital stock. This is in
business in Alliance; part of the gas business
distributed by the in Warren and Mansfield. Owns
minority stockholders' committee, after deductionbeing
and operates the street railway system in
of committee expenses Mansfield and an interurba
amounting to 80 cents a share. This distribution,
n line connecting Mansfield and Shelby. Poputogether
lation,
with
the
about
250,000.
previous $282 a share paid Sept. 2, makes a total of
The
$328
share.
89
a
physical property owned includes generating stations having
Consolidated Gas Co. owns 18,862 shares of the Mutual
a
company. See combined installed capacity of approxima
also V. 115, p. 1216.
tely 102,000 k. w. There are 39
substations with total transformer
capacity of 116,650 k. v. a. Owns
237 miles of high tension transmission
Nipissing Mines Co., Ltd.-Extra Div.-Acquis
Capitalization After This Financing-lines.
ition.Authorized. Outstanding
The company has declared an extra dividend of
on the outstanding First Preferred stock (par $100)
x$25,000,G00 $3,625,600
$6,000,000 capital stock, par $5, in addition to the3%
Common
stock (par $100)
regular quarterly divi15,000,000
5,000,000
dend of 3%, both payable Oct. 20 to holders of record
First
Mortgage
&
Refundin
Sept.
like
30. .A
g Bonds
Y9,100,000
(a)
amount was paid extra in Jan. 1922. In Jan. 1920 and
1921 and in Oct. Divisional Bonds
(Closed)
3,003,500
1920 the company paid extra dividends of 5% each.
A group of New York and Canadian mining and banking interests
a Restricted by provisions of trust deed.
x
this
Of
amount
$4,500,00
0
has purchased extensive gold properties in the Kirkland
is
authorize
d as 7% Cumul. First Pref. Stock, Series A.
district
y Not including.
of Ontario, Can. It is expected that an official announceLake
ment will be $350,000 Series B depositedacollateral for loan with the U. S. Govt.
made shortly.
Gross
The Nipissing Mines Co., Ltd., also has secured an option on the BurnNet
Int., &c.,
Bal. for
Earnings Year Ended- Earnings.E
arnings.in
side-Bryce claims on the west end of Gull Lake
z
gs. Fixed Chgs.
the township of Lebel, Dec. 31 1920
85,610,61
adjoining Tough Oakes at Kirkland Lake in the in
$1,324,84
1
$896,629
5
$428,216
Ontario gold fields. The Dec. 31 1921
5,515,222
Nipissing company has
1,732,981
907,824
825,157
upon a diamond drilling campaign and July 31 1922
the drill is now workingdecided
6,026,037
2,280,384
931,506
1,348,878.
on the first hole. The results obtained, it is
stated, will determine the character of future work.
z Net earnings after operating expenses, maintenan
ce and taxes.
Financial Statement Sept. 23 1922, Showing Total Cash, &c., $4,615,96
Note.-Over 90% of the gross
8.
and over 98% of the net earnings areSept. 23 '22. June 10 '22. derived from the sale of electric current for light and power.
Cash in bank,incl. Canadian war bonds, &c
Franchises.-Company operates
$3,885,19
$3,615,32
9
9
under franchises which contain no burBullion and ore in transit and on hand,&c
730,769
894,799 densome restrictions, and are in part unlimited as to time.
-V. 115, p. 1330.
Unification of Properties.--eompa
ny has a comprehensive plan for the.
unification of its properties
lines connecting all of the by the construction of high tension transmission
North American Co.-Earns.for 12 Mos. End. Aug.
local
31.
distributi
on systems and ultimately the construction of a central generating
(Including Subsidiary Companie
plant at a point on the Ohio River or other1922.
s)1921.
suitable site thus gaining
Gross earnings
the advantage of increased efficiency and providing
$46,975,6
839,945,4
70
30
for
the
Operating expenses and taxes
anticipated future growth in business. Work
30,915,893 29,273,255 on the sections
is already under way
of the new
and Massillon.-V. 115, p.transmission system between Warren, Alliance
Net income from operations
995,
816,059,7
190.
$10,672,1
77
75
Totalincome_ _
„
$16
448 476 $10,985,314
Interest, preferred dividends a'subsidiaries,
Oil Lease Development
&c
7,109,913 4,961,206
Co.-Lease.
See Middle States Oil Corp. above.
-V. 115. p. 1107.
Balance for depreciation, dividends and surplus_
2 $6,024,108
After deducting the amount required for a full $9,338,56
Oklahoma Eastern Oil
dividend on the
Co.-To Acquire Oil Properties
outstanding Preferred stock, the remaining balance year's
is equivalent to $23 03 of Oklahoma Natural
per share on 356,255 shares of Common stock outstandi
Gas Co.ng as of Aug. 31
last, compared with a balance
See
Oklahoma Natural Gas Co.
for the 12 months ended July
1922 of
below.
$22 25 a share on 351,115 shares of Common stock outstanding31
on July 31
1922.-V. 115, p. 1330, 1216.
Oklahoma Natural Gas Co.-Segreg
ties.-President Harry Heasley, Sept. ation of Oil ProperNorth American Steel Co.-Proposed Merger Off.1, said in substance:
See Midvale Steel & Ordnance Co. above.-V.115, p. 552.
The stockholders on Dec.
14 1921 approved the segregation of the oil
and gasoline interests and
the Oklahoma Eastern Oil authorized the directors to organize in Oklahoma
North Butte Mining Co.-Production.
Co., with an authorized Capital stock of $1,200,In August last the company produced 1.400,000 lbs. of copper, com- 000 (par $1). The directors were also authorized to
sell to the new corporation all of the company's oil
pared with 1,130,000 lbs. in July and 800,000 lbs. in June.
and gasoline properties.
-V.115,p.1216.
It was recommended if
the
directors
should
find
it practicable to do so,
that each stockholder in
North & Judd Manufacturing Co.-New Officer.privilege of purchasing at the Oklahoma Natural Gas Co. be given the
par two shares of stock in the Oklahoma Eastern
Frederick M. Holmes has been elected President to succeed the late Oil Co. for
Howard C. Noble. Samuel McCutcheon, Asst. Sec., has been elected Oklahoma each share of stock owned: and that if any stockholder in the
Natural
Co. should decline to subscribe for the stock in the
Treasurer, to succeed Mr. Holmes.-V. 112, p. 476.
Oklahoma Eastern Gas
Oil Co., then the remaining stockholders or the public
be given the privilege
to
subscribe and purchase the stock for not leas than
Northern States Power Co.-Listing-Earninos.-par.
The New York Stock Exchange has authorized the listing of $2,000,000
The directors on July
20
1922 authorized the sale and transfer of the oil
1st & Ref. Mtge. 25-Year Series A 5% gold bonds, due April 11941.
and
gasoline properties to the
Oklahoma Eastern Oil Co. for the appraised
the total applied for $26,567,500 Series A 5s and $4,500,000 Series Bmaking
value of all of the properties
6s.
amounting to approximately $800,000.
The
money
received by the Oklahoma Natural Gas Co. from the sale of
Consolidated Income Dccount.
the properties will be
to liquidate the present floating debt of the comYear ending -Years ended Dec. 31
pany. The stockholdused
ers of the Oklahoma Natural Gas Co. of record Oct. 2
June 30'22.
1921.
1920.
E
l9as
22
terwni10
1919.
1 ib
lecg
o.
iven
v.th
lemp
,rpiv
Gross earnings
.i8
1e2g
.e to subscribe to stock of the Oklahoma
$13,065,322 $12,963,222 $11,798,779 $9.875,934
Oper. exp., maint. & tax. 7,587,772
7,755,678
7,331,840
5,758,621
Pascoag Water Co., Rhode Island.-Deposi
Net earnings
$5.477,550 $5,207,544 84,466,938 S4,117,313
The bondholders' committe announces that over 95% ts.
Interest charges (net)_ _ _
2,295,682
of the $106,500
2,148,470
e
1,999,056 1st Mtge.
Preferred dividends_ _ _ _ 2,287,771
5%
bonds dated Jan. 1 1903 and due Jan. 1 1923 have been
1,728,060
1,601,165
1,341,374
1,176.998 deposited withgold
Common dividends
the
493,600(4%)246,800
& New Haven Trust Co., depositary, under the
terms of the depositUnion
Depreciation
agreemen dated July 27 1918.
525,000
525,000
475,000
450,000
Plans for the reorganization t
Amortization of debt disof the company are now under consideration
and
count and expenses__ _
undeposit
ed
275,000
275,000
250.000
175.000 fore Oct. 1 1922.bonds should be in the hands of the committee on or beafter which date no bonds will be accepted for deposit
without penalty. The July 1 1918 and subsequent coupons are
Balance, surplus
$168,120
$263,897
$252,094
in default.
$316,259
Total surplus
.Cv.
om9
m7.
tttepe.
.68
W Perry Curtiss, Edward M. Bradley, David J. Greene._
$2,201,785 $1,583,707 $1,319,811 $1,067,717 -
1542
THE CHRONICLE
Pathe Exchange, Inc.-Initial Preferred Dividcnd.-
A dividend at the rate of 8% per annum on the Preferred stock, being
the dividends accumulated since the dates of issue to and including Sept.
8 1922, has been declared payable Sept. 30 to holders of record Sept. 20.
-V. 115, p. 190.
Penn Seaboard Steel Corp.-Capital Increase.-
The stockholders Sept. 29 approved the increase in the capitalization
from 700,000 shares to 1,200,000 shares, no par value. Compare V.
115, p. 1330.
Pennsylvania Power & Light Co.-Bonds Sold.Guaranty Co. of New York, Harris, Forbes & Co., Halsey,
3
Stuart & Co. and Brown Bros. & Co. have sold at 92%
$7,000,000 1st & Ref. Mtge.
and int., to yield about 5
Bonds, Series B 5% (see advertising pages).
Dated Oct. 1 1922, due Oct. 11952. Denom. $1,000 and $500 (c* & r5),
$1,000 and $5,000. Int. payable A. & 0. without deduction for normal
Federal income tax up to 2%. Red. all or part on any int. date on 30 days'
notice at 105 and int. on or before Oct. 1 1927, 104 in next 5 years, 103 in
next 5, 102 in next 5, 101 in next 5 and at 10035% thereafter prior to
maturity. Payable without deduction of Penn. 4 mill tax. Guaranty
Trust Co., New York, trustee.
Data from Letter of V.-Pres. 8c Gen. Mgr. P. B. Sawyer, Allentown,
Pa., Sept.
25. consolidation and merger of
Comppny.-Incorp. June 4 1920 through
8 electric and gas companies. As of Dec. 1 1921, it leased the properties
of Wilkes-Barre Co. under a plan involving ultimate purchase.
. Operates electric power and light and gas properties in eastern Pennsylvania. Population, estimated, 755,000. Electric power and light,
service is supplied to approximately 87,000 consumers in 120 communities
of which 18 are served at wholesale,and gas service to about 28,000 customers
In 15 cities and towns, including one served at wholesale.
During the 12 months ended June 30 1922 the company distributed
483,138,342 k.w. hrs. of electricity and 801,891,800 Cu. ft. of gas from
its plants.
installed
Property.-Owns electric generating stations having a present
located at Harwood,
capacity of 99,650 k.w. The two principal stations arek.w.
and 50,000 k.w.
near Hazleton, Pa., and at Haute Pa., having 41,500
are
capacity, respectively. Generating plants of Wilkes-Barre Co. which
k.w. Company,
connected with the system, have a capacity of 12,500under
a firm conhas 5,500 k.w. additional capacity from another plant
k.w.
tract, giving the co. a total available generating capacity of 117,650
properties)
Present generating capacity (exclusive of the Wilkes-Barretime
of
conthe
at
capacity
the
of
40%
cf
nearly
increase
an
represents
are not yet
solidation, but, despite this increase, the generating facilitiesand
an addisufficient to care for the demands for the company's service,
plant.
tional 20,000 k.w. unit is being provided for the Plante
transAll the electric properties are interconnected by high voltage
are 480 miles
mission lines. Including the Wilkes-Barre properties, there 1,506
of
miles
and
over)
or
volts
(11,000
lines
n
of high voltage transmissio
distributing lines in the system.
of 4,000,000
The Wilkes-Barre gas works have a generating capacity
cu. ft. and 68 miles of gas
Cu. ft. per day, a holder capacity of 750,000
mains and 7 plants
mains. The other gas properties consist of 169 miles of
cu. ft. daily, and an
of
4,075,000
capacity
generating
aggregate
an
having
ft.
cu.
aggregate holder capacity of 2.271,000
over
Earnings.-The following statement shows the growth in earnings
the past 3 years:
1922.
1921.
1920.
Earns. 12 Mos. ended Aug. 31$7,116,425 $8.814,066 310,105,.67
Electric revenues
1,008,056
624.725
552,346
Gas revenues
366,531
92,168
49,372
Other revenues and income
(Vol,. 115.
company's policy of ultra-conservativeness, which will ultimately be
better for shareholders. The company's finances are in wonderful shape
and tha dividend could easily have been paid had it been deemed advisable."
The directors have declared the regular quarterly dividend of 134%
on the Preferred stock, payable Oct. 25 to holders of record Oct. 6.V. 114, p. 1175.
Portland (Ore.) Flouring Mill Co.-Sale.
See Sperry Flour Co. below.-V. 115, p. 1217.
Port of Para (Brazil) Co.-Default in Interest.-
On Aug. 30 and 31 special meetings of holders of First and Second
Division bonds were held in Brussels to authorize a temporary moratorium
in respect of interest and sinking fund payments due to the bondholders
owing to the default of the Brazilian Government in regard to the guarantee
given to the company. The bondholders passed a resolution requesting
nonJ. de Decker, who is proceeding to Brazil, to protest against the
payment of the guarantee.-V. 114, p. 2023.
Port Wentworth Lumber Co.-Bonds Called.-
1
Thirty-one 1st Mtge. S. F. 69 gold bonds, Series "D," dated May
called
1916; 110 bonds of Series"E" and 3 bonds of Series"F," have been
Y.
N.
St.,
Wall
44
for payment Nov. 1 at the Bank of America, trustee,
City. Said bonds will be paid at 101 and hit. for Series"D" and"E" and
102 and int. for Series "F".-V. 113, p. 1478.
Producers & Refiners Corp.-Listing.-
The New York Stock Exchange has authorized the listing of $2,000,000
additional 1st Mtge. 10-Year 8% Sinking Fund gold bonds, maturing
June 1 1931. making the total amount applied for ;s.i.000.000. under "FiThe results for the six months ended June 30 1922 are given
nancial Reports" above.-V. 115, p. 1437. 1330.
Providence Gas Co.-Offers Stock to Employees.-
The company recently offered t) all employees who have been in the
to
service of the company a year or more the opportunity to subscribe
annual
stock at $59 a share, in the ratio of one share for each $200 of his
this
wages. The total amount that will be sold to any one person under
plan is limited to 15 shares. Payments for the stock is to be made at the
rate of 50 cents per share per week beginning Oct. 1 and will be deducted
from the employees' wages until the stock is paid for.-V. 114, p. 2367.
Pusey•& Jones Co., Wilmington, Del.-Contract.--
The company recently received a contract for 2 day passenger steamers
for the Nt ilson Line of Wilmington and Philadelphia, to cost, it is stated,
approximately 4529,000.- V . 113, P. lUbl.
Recording & Computing Machine Co., Dayton.-
See Associated Motor Industries. Inc., above.-V. 115. p. 190.
Republic Iron & Steel Co.-Merger Off.-
See Midvale Steel & Ordnance Co. above.-V. 115, p. 1437, 1217.
Republic Motor Truck Co.-Receivership.-
Federal Judge Tuttle at Detroit has appointed the Security Trust Co.,
Detroit, receiver on the application of the Acme White Lead & Color
Works.
Financial interests in the company recently had under consideration
a reorganization plan.-V. 115, p. 877.
(Dwight P.) Robinson & Co., Inc.-New Contract.-
The Walworth Realty Co. (V. 115, p. 1439), a subsidiary of the Walworth Mfg. Co. of Boston, has awarded the company the contract for the
design and construction of a warehouse, pipe shop and garage to be located
on Jackson Ave., Long Island City. Construction has already begun.V. 115, p. 655. .
$7,718,143 $9.530,959 $11,479,754
• Gross earnings
St. Cloud Public Service Co.-New President.7,579,982
6,495,953
Operating expenses, rentals & taxes_ 5,407,294
W. A. Baehr has been elected President, succeeding A. G. Whitney.
111, p. 2235.
V.
$3,899,772
$3,035,006
$2,310,849
Net earnings
Annual int. charges on mtge. debt outstanding in hands of public 1,558,171
St. Joseph Lead Co.-Extra Dividend.(including this issue)
the outAn extra dividend of 25 cents per share has been declared on dividend
used to reimburse the
Purpose.-Proceeds of these Series B bonds will be
Capital stock, par $10,in addition to the regular quarterly
standing
heretofore incurred and to provide
company in part for capital expenditures in
of 25 cents per share, both payable Dec. 20 to holders of record Dec. 9.for
other
corporate
and
progress
now
construction
additional
funds for the
V. 115, p. 655.
purposes.
San Diego County Water Co. Los Angeles, Calif.Capitalization Outstanding Upon Completion of Present Financing.
$11,941,700
xUnderlying bonds (In hands of public)
d Bonds Offered.-Blyth, Witter & Co., San FranGuarantee
8,000,000
p.
751)
112,
7%
(V.
A,
Series
bonds,
Mtge.
Ref.
1st &
7,000,000 cisco, New York, &c. are offering at 95 and int., to yield
Series B,5% (this issue)
do
shs.
'A."
Preferred stock (nopar value)[V. 112, p. 636] red. at $100_ _ y108,339
65,000 shs. about 6.30%,$2,000,000 1st Mtge. gold bonds 6%,Ser.
Non-cum. Prof. stk. (no roar), dive. $7 per sh.;
310,000 shs.
Dated Sept. 1 1922. Due Sept. 11962. Int. payable M. & S. in Los
Common stock (no par value)
Angeles without deduction for normal Federal income tax not exceeding 2%.
the Denom.$1,000 and $500 (c5). Callable on 60 days' notice on any int. date
x The mortgages securing these bonds are all closed by the terms of
up to Sept. 1 1937 at 107 and int.; thereafier and prior to Sept. 1 1947
1st & Ref. Mtge. y As of Aug. 311922.
at 102M and int. Annual
Management.-Electric Bond & Share Co. supervises the management of at 105 and int.; thereafter and prior to maturity
1187.
2125.
sinking
fund payments commence Sept. 1 1927 amounting to M of 1% of
the pr
@FedFRASER